Buk Raises US$50 Million, Targets Growth in Latin America

Buk has secured US$50 million in a Series B funding round led by Headline, with participation from Workday, Endeavor Catalyst, and existing investors Greenoaks and Base10. The new investment will bolster Buk’s presence in the markets where it already operates, with a particular focus on Mexico. 

“Our goal is clear: to transform businesses and create happy workplaces. We are currently impacting over 1.5 million users, but we are only at the beginning of a long journey. This investment provides us the opportunity to continue our growth and extend our mission to more companies, not just in Mexico but across Latin America,” says Jaime Arrieta, CEO and Founder, Buk.

Buk aims to expand its workforce while investing in product development through ongoing R&D efforts. The company is also focusing on enhancing its benefits ecosystem and strengthening its operations in Brazil.

“For a long time, businesses in Latin America had to settle for limited human resources and payroll solutions, making data-driven decision-making nearly impossible. Buk has changed that reality. By developing a platform specifically designed for the region’s businesses, Buk allows them to rethink how they hire, pay, train, and manage their teams,” says Anlei Tang, Principal, Greenoaks.

The funding round will allow Buk to expand in Mexico and Latin America. The company plans to double its team in the country, creating new jobs in areas such as software development, sales, marketing, and customer service. “Mexico is key to our expansion strategy. The country has a dynamic business ecosystem, and we see huge potential for continued growth. With the expansion of our local team, we will be able to better serve our clients and keep innovating to improve our user experience,” says Arrieta.

Buk entered the Mexican market in April 2022, adapting its system to meet local needs, particularly in payroll management. Within two years of entering Mexico, Buk achieved annual revenue of US$3.4 million, says Andrés Gómez, Country Manager, Buk, to MBN.

Buk also plans to strengthen its position as a unique benefits ecosystem, offering organizations a more comprehensive and personalized offering that aligns with the needs of the labor market. Additionally, the company will continue investing in R&D to enhance its organizational processes. 

“Buk generates original content on subjects that HR professionals may find relevant to their daily operations so they can deploy better-informed, strategy-driven talent initiatives,” says Gómez.

With over 1.5 million users in more than 7,000 companies across the region, Buk is targeting an even larger share of the Latin American market. The company aims to double its customer base in the coming years and reach a broader portion of the 200 million workers in its operating markets.