Mercato Partners’ Prelude Venture Fund Leads $3M Early-Stage Investment in GloveBox to Accelerate Growth of Its Mobile Insurtech Marketplace

By AIT News Desk On Mar 15, 2021

Additional participants in the round include Heffernan Insurance Brokers and other industry veterans

Prelude, the venture fund at Mercato Partners, 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.”

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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.

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.”