The latest funding news from Shepherd in the USA for you;
Shepherd, an insurance technology platform for commercial industries, today announced a $42 million Series B round led by Intact Private Capital, with participation from Costanoa, Spark Capital, and additional investors. The company has grown nearly 7x in 24 months, and has raised $67 million to date. The new capital will support Shepherd’s team expansion as demand grows for faster, more accurate underwriting across construction and other physical asset driven industries.
In the early 2020s, commercial insurance entered its hardest markets in decades. Premiums were rising sharply as insurers deployed broad rate increases rather than targeted account-level adjustments. At the same time, U.S. infrastructure investment skyrocketed, exposing how poorly legacy insurance systems scaled with modern development. That gap has only widened as AI and data center infrastructure spending surges, with hundreds of billions invested over the past five years and trillions projected over the next decade.
“From data centers to advanced manufacturing, today’s infrastructure projects are more capital-intensive and complex than ever, yet they’re still underwritten with fragmented data and outdated workflows,” said Justin Levine, co-founder and CEO of Shepherd. “Builders have embraced modern software to operate more efficiently, but commercial insurance remains static and backward-looking. Shepherd unifies software, data, and underwriting into one platform, enabling dynamic, account-level pricing that reflects how work is actually performed. We exist to reward innovative builders, deliver fast, predictable outcomes for brokers, and keep critical projects moving.”
Shepherd’s AI-driven platform ingests and structures submissions in seconds, replacing manual underwriting workflows and pricing risk up to 10x faster than traditional carriers. By integrating real-time operational data from field software with industry-specific loss datasets, Shepherd prices risk based on how work is actually performed. Builders who invest in safety and operational discipline see those decisions reflected directly in their premiums. The result is faster, more consistent underwriting with greater accuracy for brokers and customers.
“Shepherd’s platform reflects how commercial insurance will operate in a moment defined by modern software and AI,” said Justin Smith-Lorenzetti, Managing Director at Intact Private Capital. “They apply today’s technology to understand risk as it dynamically shifts in the field. Shepherd’s novel approach, along with its world class team led by Justin and Mo, drove our decision to invest and to partner with Shepherd as a long-term capacity provider. We’re excited to support them as they build a scalable, differentiated underwriting platform.”
Mark Selcow, General Partner at Costanoa added, “Shepherd has built an underwriting platform that uses real operational data to assess risk in ways legacy carriers simply can’t. That approach has enabled the company to scale rapidly, expand into new industrial verticals like Renewable Energy, and grow nearly sevenfold without compromising underwriting discipline. Shepherd is proving that better data leads to better outcomes for builders and brokers.”
Founded in 2021, Shepherd supports more than 600 customers building projects across K–12 schools, utility-scale renewable energy projects, and multi-billion-dollar data center campuses. Acting as a Managing General Underwriter (MGU), Shepherd serves industry leaders such as Skanska, Bernards, and Nibbi Brothers alongside a deep bench of middle-market and enterprise operators, with clients averaging more than $100M in annual revenue. Across customer deployments, a developer saved more than $300,000 on the insurance program for a new entertainment center in downtown Atlanta, while a Virginia-based data center project paid approximately 15% less in premiums because its contractor is utilizing Procore to manage daily activity, safety, and inspections.
To date, Shepherd has issued more than 1,500 policies representing over $400B in insured value, and continues to scale rapidly as insurers, brokers, and operators look for solutions that match the speed and complexity of today’s projects.
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