Two new Ulota species with multicellular spores, Ulota billbuckii and U. streptodon, are described from southern Chile. The new species are usually found growing together and sometimes forming mixed cushions or mats on different trees, with a preference for Nothofagus betuloides and N. antarctica. The new Ulotae are easily differentiated from each other as well as from other Ulota species with multicellular spores by a set of sporophytic traits including two very uncommon peristome configurations. In this paper, both species are described, and the differences between them as well as from other Ulotae with similar endosporic germination, and from superficially similar species, is discussed.