GloveBox closes $3m to support its product expansion

GloveBox, a mobile platform designed at bringing insurance agencies, policyholders and carriers together, has scored $3m in a fresh funding round.

Mercato Partner’s Prelude Fund served as the lead investor, with contributions coming from Heffernan Insurance Brokers and industry veterans.

With the funds, the InsurTech hopes to expand features and enhance the functionality of its products.

Ryan and Andy Mathisen, Sean Mulhern, and Alex Rolex co-founded GloveBox following their experiences at Colorado Insurance. They hoped to build a tech-forward mobile marketplace that enables independent agencies to win against larger, incumbent carriers.

The company claims its platform can increase customer satisfaction, reduces service inquiries and decrease service costs. Features include policy access, bill payment, make claims, request service and request quotes.

It launched in March 2020 and has already signed up more than 100 agencies.

GloveBox co-founder and CEO Ryan Mathisen said, “As former insurance executives, we know the issues facing smaller, independent carriers, including the lack of technology at their disposal.

“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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