Sorbet raises $6M seed led by Viola Ventures to tackle the thorny financials of paid time off
A U.S./Israeli startup, Sorbet which is tackling what companies do with the financial risks as employees accrue paid time off (PTO) has raised $6 million in a seed funding round led by Viola Ventures, with participation by Global Founders Capital and Meron Capital.
The economics of paid time off is relatively hidden in the business world, but essentially, Sorbet takes on the burden of this PTO from employers and then allows employees to spend it. This gives the employers far more control over the whole process and the ability to forecast its impact on the business.
Offices of Pagaya in Tel Aviv (YouTube screenshot)
Israeli fintech firm Pagaya Investments, a maker of data-driven investment software, is seeking to list shares on Wall Street via a merger with a special purpose acquisition company (SPAC) at a $8 billion valuation, Calcalist reported on Thursday.
The company is in parallel examining a possible initial public offering of shares, the financial website said, without saying from where it got the information.
Pagaya is in talks with several SPACs regarding a merger, led by investment bank JP Morgan. The board of directors of the fintech firm has yet to make a final decision on the matter, but is expected to make one soon, Calcalist said.
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This is the company s largest round to date. Its Series F last August featured six investors and raised $100 million, while Series E financing in February 2019 raised $60 million, and Series D funding in August 2017 raised $44 million. Funding rounds before that, which extended back to its inception in 2011, raised funds in the low-double digits. Past investors have included Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures, TCV, and Dell Technologies Capital.
Redis Labs sponsors the open source Redis database project that uses NoSQL technology instead of traditional relational database structures. One of its biggest selling points is multi-model operation that supports an array of data structures natively in the database, including lists, bitmaps, and sorted sets. It also features module-based expansions for use cases, including search and graphing.