PayShepherd recently announced USD$3 million in seed funding.
The Calgary-born financial technology startup raised the capital in a round led by Nashville Capital Network with participation from existing investors Thin Air Labs and the Accelerate Fund, managed by Yaletown Partners with support from the A100.
Today, manufacturing facilities and the contractors they work with face pressure from inflation, ongoing supply chain constrictions, and labour market shortages, according to the Alberta startup. Since releasing its platform, PayShepherd has helped manufacturing facilities and contractors eliminate overspending, enable better negotiations, and improve relationships.
“Success in heavy industry comes from nurturing and protecting the relationships between facility and contractor,” said Wesley Sessenwein, cofounder CEO at PayShepherd. “This investment reaffirms our approach in combining the data our customers already have with a highly-focused product that identifies contract and invoice discrepancies, eliminates errors, and empowers the fair exchange of value between facility and contractor.”
The company’s software helps facility executives, back-office operations, and contractor personnel address spend accuracy, secure relationships, reduce inefficiencies, and enable closer alignment to strategic goals by automating the current back office processes.
“We are excited to partner with PayShepherd as they continue to build innovative technologies that help heavy industry and manufacturing facilities significantly reduce services spend,” said Chase Perry, Managing Partner at Nashville Capital. “We are aligned in our vision of using data-driven intelligence to help these companies be more efficient and improve their supplier relationships.”
PayShepherd’s solution sits between facilities and the contracted workforce to identify billing issues, increase visibility and accountability into operations, increase speed, and offer real-time data, according to the startup. The platform works with multiple contractors simultaneously, and runs historical audits to help identify savings opportunities.
“PayShepherd is focused on solving a very challenging problem for large manufacturers, increasing the accuracy and transparency of financial transactions that occur with their vendors,” said James Lochrie, Managing Partner at Thin Air Labs. “They are able to drive a great deal of value to their customers and are doing so in a very large and underserved market.”
PayShepherd was founded in 2018, with headquarters in Calgary and offices in Vancouver and in the state of North Carolina.