Shepherd Nets $13.5M Series A for Tech-Driven Commercial Construction Insurance

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Shepherd, an insurtech startup specializing in the commercial construction sector, has successfully closed a Series A funding round, raising $13.5 million. The round, which was announced on February 7, 2024, was led by Costanoa Ventures, with notable contributions from Spark Capital, Intact Ventures, Greenlight Reinsurance, and Era Ventures.

Headquartered in San Francisco and established on January 5, 2021, Shepherd has swiftly made its mark in the insurtech space by providing technology-enabled insurance solutions tailored for the commercial construction industry. This latest funding round brings Shepherd’s total capital raised to $19.7 million over the course of three rounds.

The company's innovative approach has attracted a total of nine investors, indicating a strong vote of confidence in Shepherd’s business model and growth potential. The involvement of Spark Capital and Intact Ventures as the most recent investors adds significant venture capital expertise and resources to Shepherd's financial backing.

According to a prepared release, funding will be used to invest heavily in engineering and underwriting teams, doubling down on the areas that have fueled the company’s growth. Simultaneously, the company plans on launching at least 2 new insurance products as well as continuing to build out our risk management software platform.