Spanish insurtech start-up Bdeo, the leading firm of its kind in Spain and Latin America, is in the process of launching and building a team in the UK following a €5m raise.

The firm is in the process of hiring a London-based Strategic Account Director, part of larger plans to hire a total of 120 people in two years.

Bdeo was founded in 2017 by Julio Pernia & Manuel Moreno, two serial entrepreneurs with wide experience building B2B Saas companies within the Insurance Industry.

Bdeo’s CEO and co-founder Julio Pernía Aznar told BusinessCloud: “Some of the top global insurers are based in the UK and the industry is much more mature than in other geographies. This makes the UK market incredibly attractive for Bdeo’s solutions.

“We are also aware that to succeed in the UK market, we must collaborate with locals who have a deep understanding of the culture and the state of the local insurance industry. That’s why we are excited to start building our UK-based team.”

The expansion plans follow a Series A round worth €5m (£4.5m), which closed last month, which also saw the firm named  by Fintech Global as one of the leading 100 companies in the InsurTech space for the second consecutive year.

The funding was led by BlackFin, a European investment firm focused on financial services, with further support from current investors K Fund and Big Sur Ventures who invested €1m in Bdeo’s seed round in 2019.