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.
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SOURCE Mercato Partners