Chilean Startup Raises $50 Million in First Round of Funding

Chilean HR management platform Buk has raised US$50 million in a single round of fundraising, marking a milestone in Latin America’s venture capital market.

Buk is reportedly the first LatAm startup to raise so much money in the ‘series A’ funding round. The round was led by Greenoaks and there were also other reputed investors including Softbank and a group of unicorn founders.

The fundraising increases Buk’s valuation to in excess of US$400 million, making it the third most valuable startup in Chile after Cornershop and NotCo.

At the center of Buk’s success is its cloud-based HR platform that helps businesses streamline all functions concerning employees, from paying salaries to recruiting new staff to monitoring staff performance.

Buk has seen a sudden spike in demand for its software, with its September revenue increasing by 151% compared to this same month last year.

The startup is hoping to use the proceeds to expand its footprints to Mexico and strengthen operations in Colombia and Peru.

With around 4,000 clients across the region, Buk claims to be managing the payroll for more than 400,000 employees.