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Shepherd, an insurtech firm specialising within the industrial development 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 crew headcount, expedite product improvement 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 throughout the trade.
The corporate claims that its technology-driven underwriting course of has a median response time of simply 12 hours, a major enchancment over the trade’s customary response time, which might usually take weeks.
Shepherd famous that the industrial development trade, valued at $10trn, faces mounting challenges together with rising declare severity, outdated underwriting processes and an absence of technological adoption.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 instrument is designed to streamline and automate vendor compliance opinions, 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 challenge administration platforms reminiscent of Procore.
Shepherd CEO Justin Levine mentioned: “There’s an pressing want for innovation within the industrial development insurance coverage trade. 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 fighting tight margins and enterprise threat.
“The crew behind Shepherd is taking a technology-forward strategy, growing modern insurance coverage merchandise that use trendy software program and information strategies to create a vastly superior insurance coverage providing. Shepherd delivers higher priced, higher match insurance policies for shoppers, because of its information and tech benefits.”
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