The pair will make a currently unnamed 16-part drama about four women hired as switchboard operators in 1920s Spain. Gema Neira is the co-creator and Carlos Sedes director.
Producer Bambú is known for period dramas such as Gran Hotel and Velvet, both of which are offered on Netflix.
The first season of the new show begins shooting this year, ahead of a global Netflix debut in 2017. Each episodes will run to 50 minutes.
“It is a joy to work with Netflix’s extremely talented team, which is revolutionising the television industry worldwide,” said Bambú co-founder Teresa Fernández Valdés, who will executive produce the series with partner Ramón Campos.
Netflix’s VP, international original series Erik Barmack said the SVOD platform had found success with Gran Hotel and Velvet, as “epic romances that have been embraced by our members around the world.
“We’re certain that our members will love this unique and engaging drama created by some of the best storytellers in Spain,” he added.
In related news, Netflix will launch its latest animated series, Home: Adventures with Tip & Oh on July 29. Coming from DreamWorks Animation it follows an alien who befriends a glamorous teen girl.
The first season will initially be be available exclusively to Netflix members in the US, Canada, Latin America, the UK, Australia, New Zealand, Ireland, the Nordics, Benelux and France.