Seattle benefits platform PTO Exchange raises seed round

By Rick Morgan - Reporter

March 03, 2022, 01:54pm PST

Seattle-based benefits platform PTO Exchange has raised a $5.4 million seed round.

The startup is calling the round a second seed round, building off a $3 million seed round it raised in 2019. PTO Exchange has raised a total of $9 million to date.

“We're firm believers in the value of paid time off, but the reality is only 4 out of 10 employees use all their vacation each year, with the average employee leaving a week unused," Rob Whalen, co-founder and CEO of PTO Exchange, said in a news release. "PTO Exchange helps workers realize the value of this earned compensation. For employers looking to retain staff, fill new roles and strengthen culture, PTO Exchange is a highly differentiated benefit.”

PTO Exchange's software allows clients' employees to turn their unused paid time off into other assets, like retirement savings, student loan repayment and health savings account contributions. Employees can also donate their unused PTO to charities or share them with coworkers in need.

PTO Exchange was founded in 2013, according to its LinkedIn page. Its clients include GM Nameplate, InformedDNA and Premera Blue Cross.

On its website, PTO Exchange has open roles in customer success, sales and digital marketing.

TTV Capital led the round, while Fin Capital, Manifold Ventures, CFV Ventures, SpringTime Ventures, Forefront Venture Partners and WestRiver Group participated. WestRiver Group led the $3 million round. TTV's portfolio includes Green Dot, Bill.com and TaxBit, a cryptocurrency tax and accounting startup that is dual headquartered in Salt Lake City and Seattle.

“The team at PTO Exchange is taking a thoughtful and creative approach to a big problem for both businesses and their employees,” Sean Banks, partner at TTV Capital, said in a news release. “Every year, millions of vacation days are rendered worthless to the employees who earned them. While the first option should be for employees to use all of their PTO, the next best solution is to gain value from a benefit that would otherwise expire."