PayShepherd, a solution tailored for managing contractors in industrial settings, has successfully concluded a round of Seed+ funding, securing $7 million CAD. The funding round, which saw overwhelming investor interest, aims to propel the company’s expansion into new markets across North America and bolster its platform with enhanced functionalities. Leading the equity round is Inovia Capital, a venture capital firm renowned for its support of sustainable tech ventures globally. Other participants include existing investors such as Nashville Capital Network, Thin Air Labs, Accelerate Fund III managed by Yaletown Partners with support from A100, and undisclosed strategic angel investors. As part of the funding, Shawn Abbott from Inovia Capital will be joining PayShepherd’s board.
This financial injection will fuel PayShepherd’s strategic vision of developing a comprehensive and seamless system of record between contractors and clients. Leveraging vast data resources within heavy industries, PayShepherd aims to further augment its technology, incorporating Artificial Intelligence to deliver exponential value beyond mere cost management.
Wesley Sessenwein, CEO and Co-Founder of PayShepherd, emphasizes the urgent need to modernize vendor management processes in heavy industry. He notes, “For too long, heavy industry has relied on outdated processes for vendor management, squandering billions of dollars and crucial relationships in the process.”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 reinforces PayShepherd’s dedication to fostering enduring relationships between industrial operators and contractors founded on accountability and transparency.
Founded by Wesley Sessenwein, Jennifer Hunter, and Johan Lee, PayShepherd’s software targets the complexities of contractor management in heavy industrial sites, historically bogged down by paperwork and administrative hurdles.
Heavy industrial operations heavily depend on contractors for daily functions, maintenance, and major projects. However, existing systems often lack the capability to monitor contractor performance and costs effectively, leading to blind spots in accounting, procurement, maintenance, and project management. PayShepherd’s platform addresses this by offering real-time cost reporting and automated contract compliance, ensuring full visibility and confidence in contractor operations.
Since its inception in 2018, PayShepherd has managed billions in contractor cost submissions, streamlining processes and unlocking business value within external workforces.
Shawn Abbott from Inovia Capital commends PayShepherd’s innovative approach in revolutionizing manual workflows within large contracted workforces. He states, “PayShepherd is a great example of fresh thinking and modern digital SaaS and AI enabling deeply committed founders with personal industry experience to massively improve work experience.”
Having significantly expanded since its initial $3 million USD ($4.3 million CAD) seed funding in 2022, PayShepherd has penetrated markets in the energy and mining sectors. With this latest funding round, the company has raised a total of $12.1 million CAD in equity financing.
Looking ahead, PayShepherd plans to further extend its presence in Canada and the United States. For more information about their mission and platform, visit www.payshepherd.com.
