Madrid-based insurtech Bdeo raises additional €7.5M for international expansion

- June 29, 2023

Bdeo, a leading technology company specializing in Visual Intelligence for the insurance and fleet industries, has secured €7.5 million in additional funding to fuel its international expansion efforts. 

The investment comes from prominent investors Armilar, Hollard, CDTI, Íope Ventures, as well as existing investors K Fund and Blackfin. With this infusion of capital, Bdeo aims to solidify its position in Europe and Latin America while accelerating its global presence.

Strengthening market presence in Europe and Latin America

Bdeo’s latest financing round is poised to strengthen its foothold in Europe and Latin America. The company has been experiencing rapid growth, providing Visual Intelligence solutions that enable the insurance and fleet industries to assess damage to vehicles and homes remotely, thereby expediting insurance claims and underwriting processes. 

The ease of integration, reliability of results, and the company’s commitment to delivering a digital and agile user experience have contributed to its success.

“Based on the impressive results we have achieved and our capital efficiency given the challenging times we’re living in, it is reassuring to receive this trust from investors,” said Julio Pernía, CEO of Bdeo. “It is a significant boost of confidence for our team, and we are proud to continue working closely with the insurance sector and adapting to its needs and priorities, as we always have.”

Proprietary technology driving success

Bdeo has distinguished itself in the market by offering an easily integrable platform that combines cutting-edge computer vision technologies with proprietary data and intelligence from third-party systems. 

This approach has resulted in tangible benefits for insurers, significantly impacting their bottom line and garnering recognition from Bdeo’s clients, as they report.

João Dias, Principal at Armilar, praised Bdeo’s platform, highlighting its potential to revolutionize underwriting and claims processes. He noted that Bdeo’s technology effectively addresses the challenges associated with inspecting diverse assets and scenarios, streamlining interactions among external parties and systems.

A global reach

The Madrid-based startup has already made significant strides in its global expansion, with over 50 insurers across more than 25 countries adopting its technology. 

The company has a strong presence in Latin America and Europe, including countries like Spain, Portugal, Italy, France, the Nordic countries, the United Kingdom, Mexico, Colombia, and Argentina. Notable clients include Reale, Mapfre, Generali, Ageas, Fidelidade, Zurich, Allianz, BBVA, and Hollard.

Alongside its international expansion, Bdeo plans to continue refining its Visual Intelligence solutions to cover new use cases.