Buk, which has developed a human resources management platform for Latin American companies, announced it has raised $50 million in a Series A funding round that values the company at $417 million. Investors include San Francisco-based Greenoaks, which led the Series A round, and SoftBank. A group of founders from unicorns such as Rappi, Kavak, Konfio, GBM, Ualá and Brex also participated.
CEO Jaime Arrieta said: “We have been able to double our size year over year,” he said. “However, our excellent results, differentiated offering, and the comprehensiveness of our product, which distinguishes us from competitors, attracted funds like Greenoaks and SoftBank, who wanted to invest in Buk to boost our growth.”
Founded in 2017 by Chileans Jaime Arrieta, Santiago Lira, Teresita Morán, Felipe Sateler and Ricardo Sateler, Buk is building a cloud-based platform that it says 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”.
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.
Announcement: Buk Raises $50M for HR Management Platform