PayShepherd, a Calgary, Canada-based contractor management solution for industrial sites, closed $7m CAD in Seed+ funding.
New investor Inovia Capital led the all-equity round, with participation from existing investors Nashville Capital Network, Thin Air Labs, Accelerate Fund III managed by Yaletown Partners with support from A100, as well as undisclosed strategic angel investors. Inovia partner Shawn Abbott is joining PayShepherd’s board as part of the raise.
The company intends to use the funds to expand its target markets across North America and enhance its platform with new capabilities.
Founded by Wesley Sessenwein, Jennifer Hunter, and Johan Lee, PayShepherd provides a software platform purpose-built for heavy industrial sites to advance from its traditionally paper-heavy and complex administrative contractor management processes.
With the ability to report costs in real-time and automate contract compliance, the platform provides full visibility and confidence in contractor operations. Since its launch in 2018, PayShepherd has managed billions in contractor cost submissions, surfacing process efficiencies and unlocking business value within the external workforce.
FinSMEs
06/03/2024