Business Overview

Active
Operating Status
Dec 2020
Founded
28
Employees
B2C
Business Model
Software
Offering Type
Description
We believe that reconstructing Paid Time Off will craft healthier businesses. Each year, employees use on average only 72% of their Paid Time Off, resulting in $272B in annual carry over liabilities for their companies (an average of $2,226 annual liability per employee). Instead of being forced to pay out unpredictable accrued vacation balances whenever an employee leaves the company, Sorbet provides organizations with the agency to control their finances. Sorbet technology offers insightful accrual predictions, loan refinance flexibility, funding, and infrastructure to reduce PTO liabilities, save costs, predict cash flows, and maximize tax benefits, all while offering employees a cash out benefit. How it works: -Once approved by the employer, Sorbet allows employees to choose the portion of accrued balance they would like to cash out immediately (similar to an “invoice factoring” solution). -In-turn, Sorbet enables employers to decide when they want to pay us back while saving financing costs in the process. -Employees’ cashed out time is loaded onto a prepaid card which can be used anywhere Visa is accepted. -Employees can invest in themselves with access to highly curated wellness, travel and entertainment experiences, fully localized to support small, local and minority-owned businesses, relevant even in the state of a pandemic. With Sorbet, employers can provide their employees with an incredible financial and wellness benefit while regaining full financial control and flexibility to minimize, restructure and refinance accrued vacation liabilities for immediate, quantifiable impact on the balance sheet and bottom line. Headquartered in Tel Aviv with offices in NYC & Kiev, we’re hiring a global team of relentless entrepreneurs to help disrupt a $272B opportunity. Join us! see less
Sectors

Board Members and Advisors

General Partner and Board Member

Investors

Investor

Investor Type

Series Preference

Seed, Series A, Series C
Convertible Note, Seed, Series A, Series B, Series C, Series D, Series E
Seed, Series A, Series B

Funding Rounds

$21,000,000
Total Funding

2

Funding Rounds
Series A
Last Funding Series

Date Announced

Funding Round

Amount Raised

Investors

AI Technology Stack™

1
AI Technologies
AI Description
AI Technologies
AI Cloud Provider

In The News

coverstartuphubai

Sorbet Raises $21M To Help Employees Turn Paid Time Off Into Cash | NoCamels

June 30, 2021

Sorbet Completes $21Million Raise

Sorbet Completes $21Million Raise | AiThority

June 28, 2021

PTO into cash: Sorbet adds funding, and finds a new market down under

PTO into cash: Sorbet adds funding, and finds a new market down under | Geektime

June 28, 2021

coverstartuphubai

Sorbet Completes $21M Raise | PR Newswire:

June 25, 2021

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