Israeli Fintech Startup Sorbet Completes $21 Million Seed Round

Israel-based fintech Sorbet has completed its latest funding round, raising US$21m in fresh investments. This is an extension of a recently closed round in April where the firm raised US$6m. 

The firm reopened the round and raised an additional US$15m, shooting up total capital raised to US$22million.  

The round was led by Dovi Frances’ Group 11 and backed by the firm’s existing investors, including Global Founders Capital, Meron Capital, and Viola Ventures.

Normally, over 28% of PTO goes unutilized. That number has now been dramatically scaled up by the recent pandemic and resulting travel restrictions and lockdown measures.  

With Sorbet, employees can monetize unused Paid Time Off (PTO) by converting them into cash. In the US alone, the unused PTO “market” has over US$270bn untapped, since most firms do not allow employees to cash out their PTO unless they resign or get fired.