Guerrero Olivos advises Buk on 50m financing round
Guerrero Olivos has assisted Chilean startup Buk in a $50 million Series A financing round
Guerrero Olivos has advised the startup Buk, in a $50 million US dollars Series A financing round, with the incorporation of shareholders, as well as the US Venture Capital fund Greenoaks, the investment bank Softbank, and contributions from companies such as Rappi, Kavak, Konfio, GBM, Ualá and Brex.
As a result of the transaction, the company reached a valuation of $417 million, making it the third most valuable startup in Chile, behind Cornershop and NotCo.
The law firm advised on all Chilean and cross-border corporate and tax aspects, also acting as coordinator of different teams of foreign lawyers involved in the transaction.
Buk, founded four years ago by Jaime Arrieta, Santiago Lira, Teresita Morán, Felipe Sateler and Ricardo Sateler, offers a cloud-based software that allows companies to comprehensively manage the people area, from the payment of their salaries to the professional development of their employees. It also has tools such as climate surveys, performance evaluations and recruitment and selection modules.
The company aims to grow its market share by at least 10 times in all markets where it is present over the next 5 years. This corresponds to processing around 4 million employees per month. Without going any further, during September all its business units grew exponentially compared to the previous month, 23% in Peru, 20% in Colombia, 7% in Chile and 48% in CTRL.
Buk will aim to accelerate its growth in Mexico, consolidate the market in Peru and Colombia, increase technology and product development with process improvements and upgrades, as well as finalise acquisitions of regional companies.
Guerrero Olivos’ team has been formed by partners Benjamín Pérez (pictured top left), Pedro Lyon (pictured top right), Pedro Pellegrini (pictured bottom left) and Alejandro Chechilnitzky (pictured bottom right), together with associates Francisca Martínez, Jaime Antoñanzas, Alfonso Niklitschek, Maximiliano Reyes and Joaquín Merino.
