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Sorbet has raised $6.0M across 1 funding round.
Sorbet has raised $6.0M in total across 1 funding round.
Sorbet has raised $6.0M in total across 1 funding round.
Sorbet's investors include Comcast Ventures, Norwest Venture Partners, Viola Ventures.
Sorbet is a fintech company founded in 2019 that provides a paid time off (PTO) cash advance solution, allowing employees to access the cash value of their unused PTO as it accrues without leaving their job or affecting paychecks.[1][2] It serves employees at major employers like Walmart, USPS, Humana, Wells Fargo, State Farm, and the U.S. Department of Defense, while offering employers tools to manage and predict PTO liabilities for better financial control.[1][2] The company has raised $21M total, including a $15M Series A round about four years ago, and has processed over 100,000 applications equivalent to more than $40M in PTO value, demonstrating strong growth momentum in the HR tech and employee benefits space.[1][2][3]
Sorbet's platform delivers cash via a prepaid Visa card usable anywhere, unlocking wellness, travel, and entertainment offers, which addresses overlooked "invisible" compensation in PTO—often left unclaimed by employees.[2][3] This solves the problem of delayed access to earned benefits, helping workers cover immediate expenses like rent or vacations, while reducing employer PTO payout risks at termination.[1][2][4]
Sorbet was launched in 2020 by founder and CEO Veetahl Eilat-Raichel, who recognized that unused PTO represents a significant but overlooked portion of employee compensation packages, often wasted upon job departure.[2] Headquartered in New York with operations linked to Tel Aviv, Israel, the idea emerged from championing employee financial control, evolving into a fintech tool that models PTO as a predictable financial asset.[1][2][3] Early traction came swiftly, with over 100,000 applications and $40M+ in PTO value requested, fueled by partnerships like the recent national expansion with Lead, signaling pivotal scaling moments.[2]
Sorbet rides the fintech-HR tech convergence trend, capitalizing on rising employee demands for financial wellness amid economic pressures like inflation and gig-economy flexibility.[2][4] Timing aligns with post-pandemic shifts toward better benefits retention—PTO burnout and compliance challenges plague HR, while employees seek immediate liquidity from deferred compensation.[1][4] Market forces like voluntary benefits innovation (e.g., competitors like Corestream, PTO Genius) favor Sorbet’s first-mover AI modeling of PTO as an asset class, influencing the ecosystem by redefining PTO from liability to liquid benefit and boosting startup interest in embedded finance for HR.[1][2]
Sorbet is poised for accelerated national and global expansion via partnerships like Lead, potentially doubling user base as AI refines predictions and integrates with more payroll/HR systems.[2] Trends like AI-driven personalization in benefits and regulatory pushes for financial inclusion will propel growth, evolving its influence from niche PTO disruptor to core employee finance platform. With $40M+ in demonstrated demand, expect Series B funding and enterprise deals to solidify its win-win model, unlocking billions in "trapped" PTO value across industries.
Sorbet has raised $6.0M across 1 funding round. Most recently, it raised $6.0M Seed in March 2021.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Mar 1, 2021 | $6.0M Seed | Comcast Ventures, Norwest Venture Partners, Viola Ventures |