# Shepherd

> Shepherd is a San Francisco insurtech that writes commercial insurance for builders and infrastructure operators. Founded in 2020, it pairs proprietary AI underwriting with real-time construction data to price and issue excess liability, primary casualty and builder's risk policies in hours rather than weeks. Once focused on middle-market general contractors, Shepherd now insures the physical layer of the AI boom - data centers, semiconductor plants and energy assets - having covered more than $400 billion in project value across 1,500-plus policies for 600-plus customers.

- **Founded:** 2020
- **Headquarters:** San Francisco, California, United States
- **Founders:** Justin Levine (Co-Founder & CEO), Mohamed El Mahallawy (Co-Founder & CTO), Steve Buonpane (Co-Founder (Insurance & Underwriting))
- **Team size:** ~60-99 employees
- **Products:** Excess Liability, Primary Casualty & General Liability, Builder's Risk, Renewable Energy & Power, Shepherd Savings
- **Notable:** Insured $400B+ in project value across 1,500+ policies for 600+ customers, Grew revenue roughly 7x over 24 months, Raised $67M total across seed, Series A and Series B

## Products & services

- **Excess Liability** — Admitted and non-admitted excess casualty coverage for middle-market contractors, with limits historically up to around $10M per policy.
- **Primary Casualty & General Liability** — Core liability coverage for commercial construction projects during build and operation.
- **Builder's Risk** — Property coverage protecting projects while under construction.
- **Renewable Energy & Power** — Insurance for energy assets and power infrastructure tied to the AI and electrification buildout.
- **Shepherd Savings** — Behavior-based pricing that ingests construction tech data (e.g., Procore, drone data) to offer upfront premium savings and ongoing risk-control feedback.
- **Shepherd Compliance** — Software that streamlines and automates vendor compliance and certificate-of-insurance reviews for builders.
- **Shepherd Insights** — Benchmarking product measuring US contractor performance against peers.

## Achievements

- Insured $400B+ in project value across 1,500+ policies for 600+ customers
- Grew revenue roughly 7x over 24 months
- Raised $67M total across seed, Series A and Series B
- Y Combinator Winter 2021 batch
- Expanded from excess liability into builder's risk and renewable energy/power coverage
- Positioned as an insurer for frontier AI infrastructure - data centers, semiconductor fabs and energy assets

## Latest updates

- **2026-03** — Raised $42M Series B led by Intact Private Capital to insure AI infrastructure; total funding reaches $67M.
- **2026-03** — Rolling out Shepherd Compliance to automate vendor compliance and certificate-of-insurance reviews.
- **2025-04** — Expanded coverage into builder's risk and renewable energy / power for infrastructure projects.
- **2024-02** — Closed $13.5M Series A led by Costanoa Ventures.

## Links

- Website: https://www.shepherdinsurance.com
- LinkedIn: https://www.linkedin.com/company/withshepherd
- Twitter/X: https://twitter.com/withshepherd

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Profile page: https://yespress.io/shepherd
Published by YesPress — https://yespress.io
Last updated: 2026-07-10