CA-based Shepherd secures $13.5million in series A round funding. Costanoa Ventures led the investment, with participation from Era Ventures, Greenlight Re, Intact Ventures, and Spark Capital. Shepherd is also adding Mark Selcow of Costanoa Ventures to its board of directors.
The money will go into helping the company grow its software team and underwriting, quicken product development, and increase the scope of its software products.
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Shepherd, under the direction of CEO Justin Levine, uses its risk management platform to help contractors lower losses and save money on premiums while also addressing issues with commercial insurance. It streamlines laborious procedures and workflows by combining insurance capacity with quick underwriting, risk management software, and a marketplace for building software.
The best retail insurance brokers in the country that work in the construction industry have been using Shepherd since its inception in 2021 for underwriting and its 24-hour submission-to-indication turnaround.
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In order to automate and streamline vendor compliance assessments, the business is also introducing Shepherd Compliance, a new software program. The new technology automates the management of all associated workflows and reviews PDF-based data using artificial intelligence.
In order to provide usability across all current systems, the program is tailored for Shepherd policyholders and connects with project management platforms such as Procore.
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Justin Levine said: “Our mission at Shepherd is ambitious but simple: to create the first comprehensive platform that combines top-tier insurance offerings with world-class software to help commercial businesses manage risk and prevent losses.”
About Shepherd
Contractors have a right to expect more from their insurance companies. As an insurtech MGU, they provide casualty lines for programs or projects related to commercial construction. Shepherd’s goal is to reward the most creative builders in order to make their industry safe and sustainable.
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