PayShepherd, a contractor management solution tailored for industrial sites, has closed an oversubscribed $7 million CAD Seed+ funding round to expand its North American market presence and enhance its platform. The funding round, led by new investor Inovia Capital, also saw participation from existing investors including Nashville Capital Network, Thin Air Labs, Accelerate Fund III (managed by Yaletown Partners with support from A100), and several undisclosed strategic angel investors. Inovia Capital partner Shawn Abbott will join PayShepherd’s board as part of the investment.
The new funding will enable PayShepherd to advance its product development strategy, focusing on creating a comprehensive and frictionless system of record between contractors and clients. Leveraging extensive data from heavy industries, the company plans to incorporate Artificial Intelligence to provide significant value beyond mere cost management.
Wesley Sessenwein, CEO and Co-Founder of PayShepherd, highlighted the industry’s reliance on outdated vendor management processes that have resulted in substantial financial and relational losses. “For too long, heavy industry has relied on outdated processes for vendor management, squandering billions of dollars and crucial relationships in the process,” he said. This investment will support their mission to foster accountability and transparency in contractor relationships.
Founded by Sessenwein, Jennifer Hunter, and Johan Lee, PayShepherd’s software addresses the complexities and inefficiencies of traditional paper-based contractor management processes. With real-time cost reporting and automated contract compliance, the platform provides enhanced visibility and confidence in managing contractor operations. Since its 2018 launch, PayShepherd has overseen billions in contractor cost submissions, identifying process efficiencies and adding business value.
Shawn Abbott of Inovia Capital praised PayShepherd’s innovative approach: “Wes and team have done a beautiful job of delivering transparency, accountability, and lightning speed to the frustrating and stubbornly manual workflows in coordinating large contracted workforces at heavy industry sites. PayShepherd is a prime example of how modern digital SaaS and AI can significantly improve work experiences.”
Following a $3 million USD ($4.3 million CAD) seed funding round in 2022, PayShepherd has now raised a total of $12.1 million CAD in equity financing, expanding its footprint in the energy and mining sectors.
