25 October 2021

Carey Olsen advises Chile's Buk in US$50m Series A funding round

Carey Olsen's corporate practice in the Cayman Islands has advised Chilean startup Buk on its US$50 million Series A funding round – the largest Series A round completed by a Chilean startup (and one of the largest in the Latam region) to date.

Founded in 2017, Buk is the developer of a cloud-based human resources management platform. The financing values the company at US$417 million and already makes Buk the third most valuable startup in Chile, behind Cornershop and NotCo.

Working alongside onshore counsel Gunderson Dettmer and Guerrero Olivos, the Carey Olsen team advising Buk on the Cayman law aspects of its funding round was led by partner Alistair Russell, assisted by associate Trevor McCabe.

"Buk is an exciting and innovative young Latam company and a US$50 million Series A funding round is emphatic confirmation of that fact," said Alistair.

"We at Carey Olsen are immensely proud to have helped Buk achieve this milestone and to be able to demonstrate the extensive experience our team offers to founders and the venture capital industry, particularly in the Latam region."

Buk currently has more than 4,000 clients from a range of sectors in Latin America, including education, investment banking, food and legal. It will use the new investment to accelerate its growth in Mexico and consolidate its recent entry into the Colombian and Peruvian markets. It will also allow Buk to explore acquisitions of new companies at regional level and strengthen its product development strategy.

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