PayShepherd, a FinTech company specializing in contractor management solutions for heavy industry, has successfully concluded a Seed funding round, securing $7 million CAD.
The oversubscribed funding round was spearheaded by Inovia Capital, a venture capital firm recognized for its dedication to sustainable tech companies globally. Existing investors such as Nashville Capital Network, Thin Air Labs, Accelerate Fund III managed by Yaletown Partners with support from A100, along with several strategic angel investors who opted to remain anonymous, also participated in this round. Inovia partner Shawn Abbott will be joining PayShepherd’s board as part of the investment agreement.
Operating at the convergence of Software as a Service (SaaS) and Artificial Intelligence (AI), PayShepherd aims to streamline vendor relationship management across North America. The company utilizes millions of data points to provide a comprehensive system of record, fostering transparency and efficiency between contractors and clients. By integrating AI technology, PayShepherd endeavors to substantially enhance cost management, addressing the significant losses incurred due to outdated vendor management practices within the heavy industry sector.
The newly secured funds are allocated towards expanding PayShepherd’s presence across North America and further enhancing its platform with innovative features.
Founded by Wesley Sessenwein, Jennifer Hunter, and Johan Lee, PayShepherd addresses the pressing need for heavy industrial sites to transition from cumbersome, paper-based administrative processes in contractor management. The platform’s real-time cost reporting and automated contract compliance features empower industrial operators to maintain full visibility and confidence in their contractor operations, mitigating overspending, safety hazards, and legal entanglements.
Since its establishment in 2018, PayShepherd has made significant advancements, processing billions in contractor cost submissions and venturing into new markets within the energy and mining sectors. Following its $3 million USD ($4.3 million CAD) seed funding in 2022, the company has now accumulated a total of $12.1 million CAD in equity financing.
Commenting on the funding, PayShepherd CEO Wesley Sessenwein remarked, “For too long, heavy industry has relied on antiquated vendor management processes, resulting in squandered billions and strained relationships. This investment underscores our commitment to assisting industrial operators in establishing enduring contractor relationships founded on accountability and transparency.”
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By Proptechbuzz
By Ravi Kumar
