Sorbet Gets Funding From Adaverse, Saudi Arabia’s Pioneer Web3 Fund, To Champion Creator Economy with a Freelancer Operating System
Riyadh, Saudi Arabia — May 20, 2024 — In a significant boost to the MENA region’s burgeoning digital economy, Adaverse, a leading venture fund and accelerator focused on Asia, the Middle East, and Africa, has announced a strategic investment in Sorbet, the Web3 platform building the frameworks for the future of work in the Middle East. This investment marks the third initiative since Adaverse’s official launch in Riyadh earlier this year, deploying a $10 million investment vehicle to kickstart its venture-building mission in the Middle East.
In 2022, the economic output of the MENA region reached $4.43 trillion, with its gross domestic product (GDP) projected by the World Bank to rise by 2.7% in 2024. Amidst this economic growth, the digital freelance market, valued at $4 billion, is experiencing rapid expansion. However, this sector confronts significant payment system challenges. Many of the region’s 40 million self-employed workers find themselves marginalized by the limitations of traditional financial services, often having to depend on costly and inefficient remittance methods like Western Union.
Addressing this gap, Sorbet introduces a transformative approach to global payment with a client workflow and CRM tool while utilizing blockchain technology to facilitate stablecoin-based remittances. Sorbet offers a seamless alternative to conventional payment and remittance hurdles even for the unbanked, who now can access payments globally with DeFi gateways. Additionally, the integration of smart contracts ensures that transactions are secure and transparent, revolutionizing the way freelancers connect with global opportunities and contributing to their professional and economic advancement.
“We’re thrilled to receive a strategic investment from Adaverse, whose expertise in the adoption of blockchain technology in emerging markets and payment systems will greatly benefit Sorbet. With this support, we aim to accelerate development and our go-to-market strategy, empowering creatives in the MENA region and beyond through our Web3-enabled freelancer operating system. This partnership marks a significant milestone in dissolving borders, enabling instantaneous payments, and unlocking limitless opportunities for growth in the future of work.” — Rami Djebari
Sorbet is more than just another freelance platform; it introduces a significant shift in the creator economy by focusing on the needs of professionals with an added layer of security and privacy underpinned by blockchain technology. With features designed to enhance client relationships and expedite payments, Sorbet operates without freelancer fees, removing third-party intermediaries for a more direct and equitable workflow. GLMC report in 2023 shows that 75% of global businesses faced challenges in sourcing new hires with the right talents. Sorbet addresses these critical issues including inconsistent job stability, delayed payments, and disjointed communication and project tracking. This not only streamlines the professional experience for freelancers but also improves service delivery for clients, creating a reliable and cohesive ecosystem for all parties involved.
Sorbet was founded by two technologically savvy friends, Rami Djebari and Maher Ayari, who both are passionate about the creative economy and have a profound background in fields relevant to the success of the startup in the region. Rami, a seasoned freelance blockchain developer, combines his technical and creative acumen with Maher Ayari who has substantial experience in entrepreneurship, and business development. Together, they are uniquely positioned to address the specific challenges faced by freelancers in the MENA region, leveraging their combined expertise to spearhead growth and innovation at Sorbet.
Commenting on the investment, Vincent Li, founding partner at Adaverse, stated, “Blockchain technology is not merely creating alternative systems; it’s enhancing and enriching existing ones, making lives better and economies more efficient. What Sorbet is introducing to the market perfectly exemplifies this integration. We are deeply confident in the passion-driven team behind Sorbet and the significant economic uplift it will bring to the region, aligning seamlessly with Saudi Vision 2030. This investment underscores our commitment to innovative solutions that bolster economic growth and technological advancement in the Middle East.”
The Sorbet Beta, launching this May, will introduce essential features to improve the freelancing experience. This suite of worktools will focus on streamlining project management, simplifying payment processes, and facilitating better client interactions, all designed to help freelancers transition smoothly into a more connected and efficient digital workspace.
Get Signed Up on Sorbet Here
About Adaverse
Adaverse is Saudi’s first Web3 and blockchain fund, with a mission to boost early-stage startups in the MENA region. Launched as an initiative of the Cardano Investment Vehicle to accelerate the global Web3 economy, through the collaboration between EMURGO Africa and Everest Ventures Group, Adaverse is dedicated to enhancing the burgeoning Middle Eastern economy through strategic investments such as Sorbet.
As an accelerator with a portfolio of over 54 startups in Asia, the Middle East, and Africa, Adaverse is committed to fostering the integration of blockchain technology into mainstream economic activities, helping to transform regional markets and empower innovators.
Web3 startups can apply for Adaverse funding here.
Adaverse Official Links
Homepage: Adaverse.co
LinkedIn: Adaverse
Twitter: Adaverse_Acc
Facebook: Adaverse Accelerator
Instagram: Adaverse_acc
YouTube: Adaverseaccelerator
Startup School: Adaverse Startup School
BuildUp Africa Podcast: BuildUp Africa
For media inquiries please email bola@adaverse.co
