PayShepherd, a Calgary, Canada-based contractor management solution for industrial sites, has closed a $7 million CAD oversubscribed round of Seed+ funding, bringing its total raised to $12.1 million CAD in equity financing to date.
SaaS Investors
Inovia Capital led the round, with participation from existing investors Nashville Capital Network, Thin Air Labs, Accelerate Fund III managed by Yaletown Partners with support from A100, as well as undisclosed strategic angel investors.
Founded in 2007, Inovia Capital is a venture capital firm based in Montreal, Canada, partnering with founders to build impactful and enduring global companies. The firm seeks to invest in B2B and B2C SaaS companies.
PaySheperd Use of Funds
The company will use the funds to expand further into Canada and the United States. It will also support PayShepherd's product development strategy to build a comprehensive, frictionless system of record between contractors and clients, leveraging millions of data points in heavy industries.
About PayShepherd
Founded in 2018 by Wesley Sessenwein, Jennifer Hunter, and Johan Lee, PayShepherd is a contractor management solution designed for heavy industrial sites, streamlining traditionally complex and paper-heavy administrative processes. Its platform provides real-time cost reporting and automates contract compliance, offering full visibility and confidence in contractor operations. Since its inception, PayShepherd has managed billions in contractor cost submissions, unlocking process efficiencies, and business value within the external workforce.
Funding Details
Company: PayShepherd
Raised: CAD 7.0M
Round: Seed Round+
Funding Month: March 2024
Lead Investors: Inovia Capital
Additional Investors: Nashville Capital Network, Thin Air Labs, Accelerate Fund III, and A100
Company Website: https://www.payshepherd.com/
Software Category: Contract Management
Source: https://www.businesswire.com/news/home/20240306181794/en/