SALT LAKE CITY, March 12, 2021 /PRNewswire/ -- Prelude, the venture fund at Mercato Partners, today announced leading a $3 million early investment round for GloveBox, an innovator in the mobile insurtech marketplace. Additional participants in the round include Heffernan Insurance Brokers, a top 20 agency out of California, and other industry partners. The investment will enhance and expand the platform for both agencies and policyholders.
"We're excited to partner with GloveBox because of their ability to solve a complicated problem in 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."
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.
GloveBox's technology increases customer satisfaction, reduces service inquiries, and decreases service costs. As a result, agencies run more efficiently and profitably, 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.
"We are grateful for and humbled by the interest in our solution. With more than a hundred agencies and tens of thousands of policyholders using the platform already and more added every day, the demand has been incredible," said Ryan Mathisen, co-founder and CEO of GloveBox. "As former agency owners ourselves, we speak the language of our fellow agents and understand the problems that we solve. GloveBox is one of the most-needed technologies for independent agents, and the Prelude team clearly understands the challenges and opportunities of creating a disruptive platform in an underserved market."
For more information about Mercato, its funds, and portfolio companies, please visit mercatopartners.com.
About Prelude Prelude is the venture fund of Mercato Partners, a multi-practice investment firm. Prelude specializes in providing capital and guidance to companies in their early stage. Finding entrepreneurs in underserved markets disrupting the status quo with innovative technologies, Prelude infuses capital and promotes disciplined execution to accelerate growth. At Prelude, early identification and appropriate support of true innovation generate the best-risk adjusted returns for early-stage companies. For more information, please visit www.prelude.mercatopartners.com.
About GloveBox Founded in 2019 and launched in 2020, Denver-based insurtech GloveBox has quickly established itself as a major innovator within the P&C insurance sector by simplifying the customer experience while significantly reducing service costs for independent insurance agents and carriers. Dedicated to removing the frustrations out of the insurance process, GloveBox enables customers to access all policy documents directly from their insurance carrier, pay a bill and initiate a claim through its easy-to-use mobile and web application. As the platform evolves, GloveBox will become the premier customer-interfacing solution for independent agents to leverage with all of their policyholders, at any stage in the insurance lifecycle.