Adaverse, the premier venture fund and accelerator in Asia, the Middle East, and Africa, is pleased to announce a strategic investment in Sorbet, a cutting-edge Web3 platform designed to redefine the future of work across the MENA region.

This pivotal investment, part of a $10 million initiative to foster venture-building in the region, aligns with the economic upswing projected for the region’s digital economy.

In a recent economic assessment, the MENA region’s GDP is set to grow by 2.7% in 2024. Despite this positive trend, the digital freelance market, currently valued at $4 billion, faces significant challenges, particularly with inefficient payment systems affecting approximately 40 million self-employed workers. Sorbet’s vision is to onboard all creatives onto web3 by removing the technical barriers traditionally associated with dApps. The tool leverages blockchain technology to provide a seamless payment solution using stablecoins, enhancing the financial accessibility for even the unbanked through decentralized finance (DeFi) gateways.

Rami Djebari, co-founder of Sorbet, expressed enthusiasm about the partnership: “Receiving support from an experienced partner like Adaverse will accelerate our development and enhance our market strategy. This collaboration is a milestone in breaking down financial barriers and enabling limitless growth opportunities for professionals in the region.”

Sorbet is not just a platform but a movement towards a more equitable and efficient working environment. By eliminating freelancer fees and intermediaries, Sorbet ensures a direct and fair exchange between creatives and their clients. The upcoming Sorbet Beta will further refine the freelancing experience by integrating project management tools and streamlined payment processes.

Vincent Li, founding partner at Adaverse, commented on the investment: “Sorbet exemplifies the potential of blockchain to enrich and enhance economic systems. We are excited about the potential Sorbet holds for economic upliftment in line with Saudi Vision 2030.”