Sorbet, a platform allows employees to convert their unused Paid Time Off (PTO) into cash, has closed $21 million in financing -- the biggest seed round for a fintech startup in Israel, the company announced Thursday.
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In April the company announced that it had closed a $6 million round, which has now been extended by another $15 million, led by Dovi Frances' Group 11, along with current investors, including: Viola Ventures, Meron Capital and Global Founders Capital.
Founded in 2019 by Veetahl Eilat-Raichel (CEO), Eliaz Shapira (CPO) and Rami Kasterstein. Sorbet integrates into and syncs with employers' existing calendar, HR and payroll systems, so it can identify habits and analyze time management patterns.
By doing this, Sorbet both increases PTO usage by an average of 15%, and is able to predict the portion of time-off which will never be used by the employee. Once Sorbet offers to buy out the unusable portion of the employees PTO, it is able to refinance these liabilities for employers so they can better manage their cash flows, save on financing costs and increase tax deductions.
Along with the new financing news, Sorbet is also announcing its expanding its operation from the US to Australia as well, where labor laws allow employees to accrue PTO indefinitely.
