Shepherd, a San Francisco, CA-based provider of an insurance tech platform for commercial construction, raised $13.5M in Series A funding.
The round was led by Costanoa Ventures with participation from Intact Ventures, Era Ventures, Greenlight Re and Spark Capital. Shepherd is also appointing Costanoa Ventures’ Mark Selcow to its board.
The company intends to use the funds to expand its underwriting and software team, accelerate product development, and scale its software offerings.
Led by Justin Levine, CEO, Shepherd solves pain points in commercial insurance through its risk management platform that helps contractors reduce losses and save on premiums. It combines insurance capacity with fast underwriting, risk management software and a construction software marketplace to streamline tedious processes and workflows.
Since its launch in 2021, the top retail insurance brokers nationwide operating in construction use Shepherd for underwriting and its 24-hour submission-to-indication turnaround.
The company is also rolling out a new software solution, Shepherd Compliance, to streamline and automate vendor compliance reviews. The new solution uses artificial intelligence to review PDF-based data and automate the management of all related workflows. The software is optimized for Shepherd policyholders and also integrates with project management platforms, like Procore, ensuring ease of use across existing systems.
Commenting on the news, Justin Levine said: “Our mission at Shepherd is ambitious but simple: to create the first comprehensive platform that combines top-tier insurance offerings with world-class software to help commercial businesses manage risk and prevent losses.”