Calgary’s PayShepherd has secured USD $3 million in seed funding 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.
Since releasing its platform, PayShepherd has helped manufacturing facilities and contractors eliminate overspending, benchmarked in excess of USD $1 million yearly per major facility, as well as enable better negotiations and improve relationships.
Today, manufacturing facilities and the contractors they work with daily, face significant pressure as most input and raw material prices skyrocket with inflation, ongoing supply chain constrictions lead to a squeeze on profit margins and cost cutting, and the labor market shortage causes issues for contractors as they try to staff facilities from a smaller labor pool. These pressures lead to the current ‘do more with less’ outlook within the industry.
Enter PayShepherd, a fintech helping manufacturing facilities manage contractor billing and vendor relationships, whose 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. Modern facilities run on relationships with their contractors, which are mission-critical to protect in challenging times to keep facilities running. A smooth billing process that eliminates costly mistakes is therefore key.
Facilities and contractors currently use slow and complex manual solutions where payments are often delayed or incorrect. PayShepherd’s solution sits between facilities and the contracted workforce to identify billing issues, increase visibility and accountability into operations, increase speed and efficacy, and offer real-time data to reduce overall services spend by up to millions of dollars per year
The three co-founders; Wesley Sessenwein, CEO, Jennifer Hunter, COO, and Johan Lee, CTO, combined over 35 years of experience with the complex legacy systems and relationships in manufacturing facilities to launch PayShepherd in 2018. This new investment will further allow the organization to expand product & engineering capabilities, strengthen operations across Canada and the U.S., open up new verticals, and further develop ecosystem integrations.