Buk $850 million valuation: are Soonicorns back | Ep. 114
Plus, Bitfinex Derivatives relocates to El Salvador, dLocal expand to the UK, and more!
Back in 2021, "Soonicorn" was a term à la mode in the startup scene. It now sounds cringe to use it. Everything moves fast in this small world.
Let's not call Buk a soonicorn but rather a rising star of the LatAm startup ecosystem, and congratulate the team for its solid US$50 million Series B funding round, valuing the startup at US$850 million - probably post-money.
In other news, El Salvador attracts another big fish with the relocation of Bitfinex Derivatives following its securing of a Digital Asset Service Providers (DASP) license in the country. Will El Salvador become the crypto finance hub of the Americas?
Speaking of finance licenses, Uruguayan dLocal has expanded its services to UK merchants by obtaining an Authorised Payment Institution license from the country's Financial Conduct Authority (FCA). This license enables dLocal to offer regulated payment solutions and might give a boost to its sales process - as seen last week.
Let's jump into this week's most relevant news from Startups and VCs in Latin America!
Follow The Money
🇨🇱 Buk raised a US$50 million Series B
Chilean HR tech Buk has raised US$50 million in its Series B funding round, reaching a valuation of US$850 million. The funds will drive Buk’s expansion into Brazil, strengthen its R&D efforts, and enhance its offerings for Latin America’s evolving labor market. Buk plans to double its team in Mexico, improve its product quality, and continue scaling rapidly, aiming to capture more of the region’s 200 million workers. Currently serving over 1.5 million users across 7,000 companies, Buk remains focused on innovation and empowering HR teams.
Sector: HR Tech
Founders: Jaime Arrieta, Santiago Lira, Teresita Morán, Felipe Sateler, Ricardo Sateler
Investors: Headline, Greenoaks, Base10, Workday, Endeavor Catalyst
🇨🇱 Maihue raised US$1 million in funding
Chilean startup Maihue has secured US$1 million in funding to develop its innovative water purification dispenser technology, and to eliminate up to 50 million plastic bottles annually. Since its founding in 2017, Maihue has transformed water consumption with a subscription-based model, providing purified water directly from the network to 25,000 households, and 2,000 businesses. By reducing costs by up to 90% compared to bottled water and cutting carbon footprints by 30-50%, Maihue offers an eco-friendly, cost-effective alternative. The funding positions Maihue to grow nationally and regionally, solidifying its role in combating single-use plastics and promoting sustainable solutions.
Sector: Water Tech
Founders: Rodrigo Bulnes Llompart, Claudio Brinkmann, Gonzalo Achondo
Investors: Belat, Doble Impacto
🇦🇷 Bikleta App raised US$500,000 in funding
Argentinian startup Bikleta App, focused on providing solutions for urban and sports cyclists, has secured US$500,000 in funding. With 20,000 users across Argentina and Chile, the app promotes sustainable habits by integrating technology and community, offering benefits while reducing environmental impact. The new funding will support Bikleta’s expansion in Latin America, enhance its technological capabilities—such as carbon footprint tracking and gamification features—and foster public-private partnerships for cycling infrastructure and sustainable mobility initiatives.
Sector: SportTech
Founders: Diego Ghione, Pablo Rios
Startups News
🇸🇻 Bitfinex Derivatives relocates to El Salvador
Bitfinex Derivatives is relocating to El Salvador after securing a Digital Asset Service Providers (DASP) license, highlighting the country's ambitions to become a crypto hub for Latin America. The move aligns with El Salvador's push to develop a robust crypto framework following its 2023 Digital Assets Securities Law. Bitfinex praised the nation’s progressive regulations, which facilitate tokenization of assets like real estate and investments, and its growing role as a financial hub.
VC - Accelerators News
🇦🇷 The "Hummelnest Accelerator" program
The "Hummelnest Accelerator" program, led by European consultancy Transformation Lighthouse, is launching in Argentina to support local startups with mentorship and global expansion opportunities. Six selected startups will receive up to €100,000 in funding, personalized guidance, and access to international markets like Europe, the U.S., and India. Applications are open until January 26, 2025, via the Hummelnest website.
Expansion Plans
🇺🇾 dLocal expand its services to the UK
Uruguayan dLocal, a payment platform for emerging markets, has expanded its services to UK merchants by obtaining an Authorised Payment Institution license from the UK's Financial Conduct Authority (FCA). This license enables dLocal to offer regulated payment solutions, including cross-border transactions and fraud controls, helping UK businesses scale globally by accessing over 900 localized payment methods across 40 emerging markets. As a NASDAQ-listed company with extensive global regulatory compliance, dLocal continues to simplify international payments through its "One dLocal" platform.
🇨🇱 HANU expand to Colombia
Chilean startup HANU is expanding to Colombia, aiming to transform corporate wellness with its innovative platform focused on preventive health and holistic well-being. HANU now offers a modular, customizable SaaS ecosystem addressing physical, mental, emotional, nutritional, and financial wellness. Targeting businesses and organizations like insurers, HR software providers, and health services, HANU provides gamified challenges, smart device integration, and customizable features such as e-learning, telemedicine, and employee recognition programs.
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