CALGARY, Alberta, June 07, 2022 (GLOBE NEWSWIRE) -- PayShepherd, a global provider helping heavy industrial facilities manage contractor billing, today announces it has secured US$3M 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 US$1M 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.
"Success in heavy industry comes from nurturing and protecting the relationships between facility and contractor," said Wesley Sessenwein, 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."
PayShepherd works as a billing management and contract assurance platform, to eliminate billing discrepancies and improve relationships in the industrial and manufacturing segments. It ensures contractors are billing accurately for labour, equipment, materials and third party expenses, as it automates billing review for discrepancies to eliminate mistakes and overspending and ensures contractors get paid quickly and correctly. The platform works with multiple contractors simultaneously, and runs historical audits to help identify savings opportunities. PayShepherd allows teams to focus on what matters most, and avoid billing and payment problems long before they arise.
"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 is focused on solving a very challenging problem for large manufacturers, increasing the accuracy and transparency of financial transactions that occur with their vendors. They are able to drive a great deal of value to their customers and are doing so in a very large and underserved market," said James Lochrie, Managing Partner at Thin Air Labs.
About PayShepherd
PayShepherd is a cloud-based cost management technology platform, purpose-built to support manufacturing and heavy industrial facilities as they engage in contract compliant payments with their service providers. The PayShepherd validation engine is the digital source of truth for contract and collective agreement logic, resulting in material cost savings and return on investment in a matter of months. PayShepherd was founded in 2018, and is headquartered in Calgary, Canada with offices in Vancouver and Charlotte, North Carolina. For more information, visit PayShepherd.com
About Nashville Capital Network
NCN is a partnership of more than 100 professional investors, most of whom have been founders and executives of highly successful companies. By leveraging the experience and expertise of the individuals within its partnership, NCN is able to identify, develop, and support promising, high growth companies. NCN manages several investment funds including NCN Angel Fund I, NCN Angel Fund II, Tennessee Angel Fund, NCN Partners Fund, and NCN Fund IV. For more information on NCN, visit nashvillecapital.com
About Thin Air Labs
Thin Air Labs is an ecosystem studio igniting venture growth for greater human impact. We invest in very early-stage innovation through our venture arm, help ventures succeed with our services team and we help nurture the innovation ecosystem through our involvement and influence with community builders and critical ecosystem partners. Thin Air Labs - Building What's Next. For more information, visit thinairlabs.ca
About Accelerate Fund III
Accelerate Fund III invests in private, early-stage Alberta companies in knowledge-based industries including: information and communications technology, energy technology, as well as life sciences, including agriculture and biotech. Accelerate Fund III is managed by Yaletown Partners with the support of The A100. Alberta Enterprise Corporation is Accelerate Fund III's lead limited partner with support from other investors, including Opportunity Calgary Investment Fund. For more information, visit acceleratefund.ca
CONTACT
Thomas Paris, Director Marketing & Communications
+1 403 879 8050
press@payshepherd.com
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