Sorbet

growth-negative

Sorbet, an Israeli fintech company, has laid off all its employees in Israel and most of its U.S. staff due to profitability pressures. The company, which has raised over $25 million, developed a platform to convert vacation days into cash, targeting a $270 billion market in the U.S. Despite challenges, Sorbet maintains partnerships with fintech players like Chime, MoneyLion, and Brightside, and serves large corporations such as Amazon, Walmart, and USPS. The company aims to restructure and become profitable by leveraging its assets and distribution channels.

growth-positive

Sorbet, a fintech platform that enables employees to access the financial value of their unused Paid Time Off (PTO), has secured a $25 million debt facility from Pier Asset Management. This funding will help Sorbet meet the growing demand for its services amid economic challenges. Sorbets platform uses AI to offer low-risk loans based on PTO, and it has received over 200,000 applications, unlocking more than $75 million in PTO value. The company is also enhancing its product by integrating with Pinwheel, allowing users to connect their accounts to payroll systems for seamless repayments. This development aims to expand Sorbets reach and provide financial flexibility to more employees.

growth-positive

Sorbet, a startup that optimizes Paid Time Off (PTO) for employees, is helping both employees and employers get the most out of PTO. The companys platform allows employees to take or spend their unused PTO, saving the company money. The startup was founded by Veetahl Eilat-Raichel, Rami Kasterstein, and Eliaz Shapira. Sorbet has raised a total of $21 million in seed funding and currently has nearly 60 employees. The company operates in the U.S. and Australia, offering its services through employers HR departments.

growth-positive

Sorbet, a U.S./Israeli startup that helps companies de-risk themselves against accrued paid time off (PTO) by employees, has raised $15 million in funding led by Group 11. The company removes the burden of PTO from employers by buying out PTO liabilities from employees and loading the cash value on prepaid credit cards. Sorbet then refinances these liabilities for employers, giving them more control and forecasting advantage. The funding will be used to expand and accelerate the companys growth. Group 11, the leading investor, sees a massive market opportunity in Sorbets solution.

growth-positive

Israeli startup Sorbet aims to address the issue of unused vacation days by buying the commitment to pay vacation days from employers and liquidating them for a price. This relieves the accounting burden for companies and allows employees to use their accrued vacation days without having to quit or get fired. Sorbets platform interfaces with organizational systems and provides companies with analysis of unused vacation days. The company has no direct competitors and has closed a $6 million Seed funding round from Viola Ventures, Global Founders Capital, and Meron Capital. Sorbet is currently in pilot at five different companies and plans to convert pilot customers into paying customers in June.