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Shepherd, an insurtech firm specialising within the industrial building sector, has garnered $13.5m in a Collection 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 danger administration software program alongside a building software program market to simplify complicated processes and workflows inside the trade.
The corporate claims that its technology-driven underwriting course of has a mean response time of simply 12 hours, a major enchancment over the trade’s normal response time, which may typically take weeks.
Shepherd famous that the industrial building trade, valued at $10trn, faces mounting challenges together with rising declare severity, outdated underwriting processes and an absence of technological adoption.
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These points threaten to drive up insurance coverage prices and jeopardise the trade’s sustainability, it added.
In step with addressing these challenges, Shepherd is launching a brand new software program answer named Shepherd Compliance.
The device is designed to streamline and automate vendor compliance critiques, utilising synthetic intelligence to course of PDF-based information and handle all related workflows.
Optimised for Shepherd policyholders, the software program additionally boasts integration capabilities with undertaking administration platforms comparable to Procore.
Shepherd CEO Justin Levine stated: “There may be an pressing want for innovation within the industrial building insurance coverage trade. Our mission at Shepherd is formidable 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 danger and forestall losses.”
Costanoa Ventures basic associate Mark Selcow stated: “Excessive insurance coverage prices and even unavailability of protection plagues a sector [commercial construction] already fighting tight margins and enterprise danger.
“The group behind Shepherd is taking a technology-forward strategy, creating progressive insurance coverage merchandise that use fashionable software program and information strategies to create a vastly superior insurance coverage providing. Shepherd delivers higher priced, higher match insurance policies for shoppers, due to its information and tech benefits.”
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