Buk, a Chile-based which has developed a human resources management platform for Latin American companies, raised $50 million in a Series A funding round that values the company at $417 million.
The round was led by Greenoaks and SoftBank, a group of founders from unicorns such as Rappi, Kavak, Konfio, GBM, Ualá, and Brex also put money in the round.
The company plans to use its new capital primarily to accelerate its growth in Mexico, consolidate the market in Colombia and Peru (where it expanded in 2019 and 2020), double down on technology and product development, and toward the acquisition of new companies at the regional level. Buk recently acquired CTRL, an assistance company in Chile.
Round: Series A
Funding Month: October 2021
Lead Investors: Greenoaks and SoftBank
Additional Investors: Rappi, Kavak, Konfio, GBM, Ualá, and Brex
Company Website: https://www.buk.cl/
Software Category: HR management platform
About the Company: Founded in 2017 by Chileans Jaime Arrieta, Santiago Lira, Teresita Morán, Felipe Sateler, and Ricardo Sateler, Buk is a cloud-based human resource management software system that unifies a wide range of HR functionality into a single system. Buk is building a cloud-based platform that allows companies to manage their human resources “end to end” from the payment of salaries to professional development. Buk also includes tools like company climate surveys, performance evaluations, recruitment modules, and attendance monitoring with the mission to “build a happier workplace”. Today, Buk has more than 4,000 clients that hail from a variety of industries in Latin America, including educational institutions, investment banks, fast food chains, law firms, and others. It powers payroll for over 400,000 employees of Buk customers every month. Buk says it grew 7% in Chile, 20% in Colombia, and 23% in Peru month-over-month. Buk has more than 300 employees and says that 50% of the company’s workforce are women.