The investment was led by Prelude, the early-stage practice of Mercato Partners, with participation from Heffernan Insurance Brokers and other experienced industry veterans
GloveBox, a single sign-on mobile platform that brings together insurance agencies, policyholders, and carriers onto one platform, announced a $3 million early-stage investment. The round was led by Mercato Partner’s Prelude Fund, with participation from Heffernan Insurance Brokers, a top 20 agency out of California, as well as other industry veterans. The investment will be used to expand features and enhance the functionality of GloveBox’s product, benefiting both agencies and policyholders.
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Co-founders Ryan and Andy Mathisen, Sean Mulhern, and Alex Rolex created GloveBox based on their experiences at Colorado Insurance. They set out to provide a completely tech-forward mobile marketplace that enables independent agencies to win against larger, incumbent carriers.
“As former insurance executives, we know the issues facing smaller, independent carriers, including the lack of technology at their disposal,” said Ryan Mathisen, co-founder and CEO of GloveBox. “With this funding, we will dramatically expand and accelerate our platform development reaching more agency partners faster and more efficiently. GloveBox is changing the way that policyholders interface with the independent channel and this is only the beginning for us.”
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GloveBox’s technology increases customer satisfaction, reduces service inquiries, and decreases service costs. As a result, agencies run more efficiently and profitably while consumers enjoy better service and lower prices. Since its launch in March 2020, GloveBox has signed up over 100 agencies and is averaging five new entities a week.
“GloveBox has unique technology that is disrupting the insurance industry,” said Zach Sivertson, managing director at Prelude. “The GloveBox team understood the challenges facing this market and from their experience, built a platform that elegantly solves the problems facing the 36,000 independent agencies and their clients.”
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