Chilean HR startup raises US$ 35 million and will arrive in Brazil – 02/27/2023 – Market

ANDsta is the edition of newsletterr FolhaMercado this Monday (27). want to receive it from monday to Friday at 7 am In your email? Sign up below:

---

Startup of the week: Buk

On Mondays, the chart shows an x-ray of a startup that recently received funding.

The startup: Founded in 2017, the Chilean HR startup centralizes various tasks in the human resources area of ​​companies on a platform.

• With more than 4 thousand customers and operations also in Mexico, Colombia and Peru, Buk is preparing its arrival in Brazil.

In numbers: the company announced last week that it had received a contribution of $35 million (BRL 181 million).

• Buk did not quote values, but said it was evaluated at a “significantly higher” level in relation to the last funding, when it received US$ 50 million (R$ 258 million) at a “valuation” of $417 million (BRL 2.1 billion), in October 2021.

Who invested: As a novelty, the contribution brought the entry of the Base10 Silicon Valley fund, an investor in heavyweights such as Nubank, Instacart (food delivery) and Brex (corporate card company for startups founded by two Brazilians).

• Greenoaks and SoftBank, which were already investors, also participated in the current round.

What problem does it solve: the startup has a software that promises to save up to 40% of the time of work in the HR sector of companies with remuneration tasks, people management, evaluations, etc.

why is it featured: the Chilean company will use a good part of the money raised to prepare its entry into Brazil, a market of $3 billionsaid Jaime Arrieta, CEO and one of the founders of Buk to the Chilean portal LaTercera.

• Landing, with the opening of an office in São Paulo, will take at least a year. Until then, the startup’s algorithms have to adapt to labor legislation and other characteristics of the country.

• “The last stage is to form a Brazilian team with a local structure and, with that, we begin”, said Arrieta.

Buk was the startup in Latin America that announced the biggest contribution in the last week, according to data provided by the Sling Hub platform. In all, there were six rounds, with US$ 49 million (R$ 253 million) in investments.

---

Buffett’s Letter Scraps

In the traditional annual letter from Berkshire Hathaway, billionaire investor Warren Buffett, 92, who runs the holding alongside Charlie Munger, 99, said he has not lost his confidence in the US economy and reinforced his thesis of “never bet against the US”.

Understand: Berkshire is now the sixth largest public company in the world by market value, with $671 billion (3.47 trillion), and is known for its enduring positions in traditional companies and whose business depends little on short-term economic cycles.

• Apple, Coca-Cola, American Express and Bank of America are among the big holdings in Buffett’s fund.
• In 2022, amid the fall of many technology companies, which came from two years as the “fashion companies” of the market, the company led by Buffett recorded a record operating profit of $30.8 billion.

Some excerpts from the letter:

• “I have yet to see a time when it makes sense to make a long-term bet against the US. And I very much doubt that any readers of this letter will have a different experience in the future.”

• “We hold stocks based on our expectations of their long-term performance, not because we see them as vehicles for quick buys and sells. This point is crucial: Charlie and I are not stock pickers; we are.” business pickers” (business pickers).

An alert: Buffett and Munger’s letter even leaves a warning for cases of “creative accounting” in public companies.

• “Even the operating profit result that we value so much can easily be manipulated.”

• “Exceeding “expectations” is heralded as a triumph. The activity is disgusting. Manipulating numbers doesn’t require talent, just a deep desire to deceive. “Creative accounting,” as one CEO once described his disappointment to me, has become one of the shames of capitalism”.

It should be remembered that the megainvestor is a partner in the food giant Kraft Heinz of the trio of Brazilian billionaires from 3G, which is a reference shareholder of Americanas, a company in the midst of an accounting scandal. That part of the letter made no reference to companies and Berkshire has no stake in the retailer.

---

The pressure on Haddad

A meeting scheduled for today (27th) should consolidate the decision on an issue that has been opposing the political and economic wings of the government: the return –or not– of the collection of federal taxes on fuel.

Understand: exempted by former president Jair Bolsonaro (PL) in the midst of the electoral race, gasoline, ethanol, aviation kerosene and vehicular natural gas remain without charging PIS and Cofins thanks to an MP (provisional measure) signed at the beginning of the Luiz Inácio Lula da Silva (PT) government, which maintained the exemption until February 28 (Tuesday).

The maintenance of zero rates is defended by PT members and political allies with an eye on the impact on consumers’ pockets.

• The return of full charging could raise the price of a liter of gasoline by BRL 0.68 and that of ethanol in BRL 0.24also putting pressure on inflation.

The economic wing, however, is concerned about the fiscal impact of the measure.

• Calculations released by Minister Fernando Haddad (Finance) point out that the end of the exemption on gasoline and ethanol would represent an increase in collection of R$ 28.9 billion this year.

according to Sheet As it turned out, the fear of the possible deterioration of economic conditions has fueled pressure on the minister among members of the government and allies of President Lula.

Opinion: tax exemption on gasoline benefits the rich in several ways and worsens the situation of the economy and the government, writes columnist Vinicius Torres Freire.

---

Stopover

After the global airline sector did not recover in 2022 the movement of the pre-pandemic period, airlines are resuming the stopover model to help attract passengers.

Understand: this is that proposal in which the traveler buys a ticket to a destination, but can extend the stopover he would make in a city from hours to a few days, with time to get to know the place, usually without additional fees or for low prices.

• It is common for companies to allow an extra stop only in the cities that are their main bases or in their country of origin, and the cost of extra accommodation and food is the responsibility of the customer.

See some of the available options:

• TAP: stopovers in Lisbon or Porto can last from 1 to 10 days and can be made on the way out or on the way back. The company also offers discounts for other domestic flights and at dozens of hotels and restaurants in the country.

• Air Europa: Free stopover in Madrid on the way there and back. When opting for a second longer break in another European city, there is a fee of USD 100.

• KLM and Air France: long layover in Amsterdam or Paris respectively. The option is free on flex class fares. In light and standard modes, there is a charge of US$ 100 per pause.

• Qatar Airways: stopover in Doha, for fares starting at US$14 (R$72) and including accommodation.

look here other companies with stopover and how to find more information about the option.