Buk, a Chile-based human resource management software secured $50m in a series A round featuring internet and telecommunications group SoftBank on Tuesday at a valuation of $417m.
Technology investor Greenoaks Capital is the other investor in the round, which ostensibly makes Buk the third highest valued venture-backed private company in Chile, trailing only grocery delivery app Cornershop and meat and dairy substitute producer NotCo.
Founded in 2017, Buk operates a cloud-based platform through which companies can comprehensively manage their human resources needs. Until this round, the company had been bootstrapped.
Jaime Arrieta, chief executive of Buk, said: “Buk has always developed organically, financing its growth with income from its sales. We have even been able to double [income] from year to year.
“However, the good results obtained and the differentiated offer, which distinguishes us from the competition due to its comprehensiveness, made funds such as Greenoaks and SoftBank approach us and want to invest in Buk to boost its growth.”
