PayShepherd, a FinTech firm specialising in contractor management solutions for the heavy industry, has successfully completed a Seed+ funding round, raising $7m CAD.
The oversubscribed round was led by new investor Inovia Capital, a venture capital firm known for its commitment to supporting sustainable tech companies globally. This round also saw contributions from existing investors including Nashville Capital Network, Thin Air Labs, Accelerate Fund III managed by Yaletown Partners with support from A100, and several strategic angel investors who chose to remain anonymous. As part of the investment, Inovia partner Shawn Abbott will be joining PayShepherd’s board.
Operating at the intersection of SaaS and AI, PayShepherd is designed to eliminate the friction and unfairness in vendor relationship management across North America. The company leverages millions of data points to offer a comprehensive system of record that bridges the gap between contractors and clients, enhancing transparency and efficiency. By incorporating artificial intelligence, PayShepherd aims to significantly improve beyond cost management, addressing the billions lost due to outdated vendor management processes in the heavy industry sector.
The freshly acquired funds are earmarked for expanding PayShepherd’s footprint across North America and further developing its platform with new functionalities.
Co-founded by Wesley Sessenwein, Jennifer Hunter, and Johan Lee, PayShepherd addresses the critical need for heavy industrial sites to move away from cumbersome, paper-intensive administrative processes in managing contractors. The platform’s real-time cost reporting and automated contract compliance features ensure that industrial operators can maintain full visibility and confidence in their contractor operations, avoiding overspending, safety risks, and legal complications.
PayShepherd has made significant strides since its inception in 2018, handling billions in contractor cost submissions and entering new markets within the energy and mining sectors. Following its $3m USD ($4.3m CAD) seed funding in 2022, the company has now amassed a total of $12.1m CAD in equity financing.
In his remarks on the funding, PayShepherd CEO Wesley Sessenwein said, “For too long, heavy industry has relied on outdated processes for vendor management, squandering billions of dollars and crucial relationships in the process. This investment supports our commitment to helping industrial operators establish lasting relationships with contractors that are founded on accountability and transparency.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
