The round was led by Intact Private Capital, with participation from Spark Capital, Costanoa Ventures and additional investors. The raise brings Shepherd's total funding to $67 million.

Shepherd is an AI-native insurance technology platform making risk frictionless for the builders and operators shaping the physical world. The company combines proprietary AI underwriting technology, real-time construction data integrations, and deep industry expertise to deliver commercial insurance with speed, precision, and intelligence. Shepherd insures construction, infrastructure, and energy projects for companies ranging from mid-market general contractors to the firms building frontier AI infrastructure.