Independent Agency Customer Platform GloveBox Raises $5.5 Million

GloveBox, which provides independent agencies with a platform for aggregating insurance policy documents, regardless of carrier, in one centralized location, announced it has raised $5.5 million in Series A funding.

The Denver-based insurtech serves as a client experience platform (CXP) to independent agents and carriers with a branded self-service mobile app and web portal. The portal, which integrates with carrier and agency management systems, is where customers can pay bills, start claims, access documents, make policy changes, and handle other tasks. Its agency dashboard enhances coordination among the policyholder, agency and carrier.

The Series A round was led by Panoramic Ventures with follow-on participation from Heffernan Insurance Brokers of California and others.

Co-founders Ryan and Andy Mathisen, Sean Mulhern, and Alex Rolex created GloveBox based on their experiences at Colorado Insurance, an independent agency they grew from $5 million to $100 million in premium from 2011 to 2019 before selling it in 2019.

“We began this journey a few years ago with a clear goal of making the customer experience in the independent channel significantly better,” said Ryan Mathisen, CEO of GloveBox. “As former agency principals, our leadership team has lived firsthand the problems that are being solved by our platform.”

In March, 2021, GloveBox announced a $3 million early-stage investment. That round was led by Mercato Partner’s Prelude Fund, with participation from Heffernan Insurance Brokers, as well as others.

This latest round brings GloveBox’s total funding to more than $10 million. The company said will use the added capital to continue to build out its technology capabilities and integrations which “focus on helping the independent insurance industry attract and retain business more effectively and efficiently by focusing on the customer first.”