Investing in PayShepherd: Advancing Vendor Management in Heavy Industry

Digital transformation is an alluring yet broad topic with varying form factors. Heavy industry facing increased compliance requirements and shrinking profit margins while managing large contracted workforces relies on outdated processes for vendor management. Its digital transformation lag presents an opportunity to improve transparency and accountability and streamline workflows.

Given the complex landscape of service vendor contracts, manual review persists, impacting industries operating in tight budgetary environments. These systematic shortcomings lead to overspending, safety risks, and legal issues undermining the crucial relationships with vendors and contractors.

Here is where PayShepherd comes into play. Founded in 2018, the company offers industrial sites a Vendor Relationship Management solution to provide transparency, control, and compliance over their contracted workforce. PayShepherd is a system of record powering operational efficiency and forecast predictability by centralizing, digitizing, and verifying all cost submissions on labour, equipment, and materials. 

We are excited to lead PayShepherd’s Seed+ financing round alongside Nashville Capital Network, Thin Air Labs, and Accelerate Fund III, managed by Yaletown Partners.

What sets PayShepherd apart is its innovative technology and unwavering commitment to understanding customer pain points. We saw that Wesley, Jenn, Johan and other team members had brought lived customer experience, having been operators in the space, which we’ve witnessed translates into amazing empathy and products that customers love — a message that proved out in calls with them.

Inovia’s investment in PayShepherd aligns with our commitment to backing category-leading companies in high-growth verticals. For a decade, we have been active in sourcing and supporting visionary founders building scalable software while seeking purposeful outcomes. 

We look forward to supporting Wesley and the PayShepherd team as they bring mission-critical operational visibility to contracted workforces.