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Shepherd, an insurtech firm specialising within the industrial development sector, has garnered $13.5m in a Sequence A funding spherical.
The fundraise was led by Costanoa Ventures, with Intact Ventures, Period Ventures, Greenlight Re and Spark Capital additionally contributing.
Shepherd plans to make use of the funds to extend the underwriting and software program group headcount, expedite product growth and scale software program choices.
Launched in 2021, Shepherd combines insurance coverage capability with underwriting and threat administration software program alongside a development software program market to simplify advanced processes and workflows inside the business.
The corporate claims that its technology-driven underwriting course of has a median response time of simply 12 hours, a big enchancment over the business’s commonplace response time, which might usually take weeks.
Shepherd famous that the industrial development business, valued at $10trn, faces mounting challenges together with rising declare severity, outdated underwriting processes and a scarcity of technological adoption.
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These points threaten to drive up insurance coverage prices and jeopardise the business’s sustainability, it added.
In keeping with addressing these challenges, Shepherd is launching a brand new software program resolution named Shepherd Compliance.
The device is designed to streamline and automate vendor compliance critiques, utilising synthetic intelligence to course of PDF-based knowledge and handle all related workflows.
Optimised for Shepherd policyholders, the software program additionally boasts integration capabilities with challenge administration platforms similar to Procore.
Shepherd CEO Justin Levine mentioned: “There may be an pressing want for innovation within the industrial development insurance coverage business. Our mission at Shepherd is bold however easy: to create the primary complete platform that mixes top-tier insurance coverage choices with world-class software program to assist industrial companies handle threat and forestall losses.”
Costanoa Ventures normal accomplice Mark Selcow mentioned: “Excessive insurance coverage prices and even unavailability of protection plagues a sector [commercial construction] already battling tight margins and enterprise threat.
“The group behind Shepherd is taking a technology-forward strategy, growing modern insurance coverage merchandise that use trendy software program and knowledge strategies to create a vastly superior insurance coverage providing. Shepherd delivers higher priced, higher match insurance policies for purchasers, due to its knowledge and tech benefits.”
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