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Buk revealed plans to expand in Latin America with a new financing round of US$35 million

Chilean startup Buk, which offers cloud-based software for companies to manage their human resources tasks comprehensively, announced today a US$35 million round from Base10 Partners and Greenoaks funds. The company, one of Chile’s most prestigious technology start-ups, said it will use the funds to accelerate its growth in Mexico and open a new market: Brazil. If it becomes a reality, it will be their fifth market: they currently operate in Chile, Mexico, Peru, and Colombia. 

Buk’s CEO, Jaime Arrieta, celebrated the round in the current market context and celebrated that they obtained a “significantly higher” valuation than the last round (Series A, US$417 million valuation). However, he did not share the figure.

“This validates our mission to generate customer value through building happier workplaces and is a result of our strong progress to date. This financing is also positive news for the entire Latin American startup ecosystem, as it is evidence of continued investor interest in companies with sound business fundamentals”, he said.

Arrieta particularly applauded the entry of Base10 as an investor in Buk. The Silicon Valley fund (which in the region has bet on companies such as Nowports and Nubank) joins the existing Greenoaks and SoftBank Latin America Fund. 

Adeyemi Ajao, a managing partner at Base10, said that they have been following the payroll management trend and that Buk’s technology leaves the Chilean startup well-positioned for HR challenges in the region. He noted that Buk has a “‘best-in-class,” “one-of-a-kind” team, and that partnering with them was an easy decision. 

According to company figures, in 2022, they grew 2.5x in sales and now have 4,000 clients in the region. They define themselves as a platform to manage the needs of company employees in one place, from salaries to professional development. They claim to be the “only platform that has been able to offer this comprehensive [human resources] solution on a regional level.” 

You also may be interested in: How Plenna Is Making Its Way Into the Femtech Industry, a Nascent Market in Latin America

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