U.S./Israeli startup Sorbet — which helps companies de-risk themselves against accrued paid time off (PTO) by employees — has raised another $15 million, in a round led By Dovi Frances’ Group 11, not long after a $6 million seed round only last April.
Sorbet says it removes the burden of PTO from employers, allowing employees to “spend” it on offers and other types of deals, giving employers far more control over the whole process and the ability to forecast ahead. It does this by buying out PTO liabilities from employees and loading the cash value of the PTO on prepaid credit cards. It then refinances these liabilities for employers, hence the forecasting advantage.
Veetahl Eilat-Raichel, founder and CEO, said: “It’s clear that we’re in the midst of a tectonic shift in employer-employee dynamics and with inbound global interest exceeding our wildest expectations, I had the great privilege of picking and choosing the best investors to help us expand and accelerate. I can think of no better partner than Dovi and the entire Group 11 team to join us, and am thrilled and humbled to have them alongside our already stellar group of investors.”
Dovi Frances, founding partner, Group 11 said: “At Group 11 we pride ourselves in our unique ability to uncover the unicorns of tomorrow. Veetahl and the team did something exceedingly difficult, which is to uncover a massive market inefficiency hiding in plain sight. With a $270 billion market opportunity, it was crystal clear to me this was the time to push forward and not look back.”