Shepherd Ranks No. 139 on the 2026 Inc. 5000 With 2,234% Three-Year Growth
Today, Shepherd was ranked No. 139 on the 2026 Inc. 5000 list. Our AI-native commercial insurance platform underwriting commercial construction and energy clients behind the AI build-out was recognized for 2,234% three-year revenue growth, placing in the top 3% of the list that recognizes the nation’s fastest-growing private businesses
The Inc. 5000 ranks private American companies by verified revenue growth over a three-year period. Past honorees include companies like Microsoft, Meta, Chobani, Oracle, and Patagonia.
"Our growth is a testament to the fact that so many brokers, builders, owners, and operators place their trust in Shepherd when it comes to complex risk," said Justin Levine, CEO and Co-Founder of Shepherd. "We're grateful to be recognized for that, but what really excites us is the opportunity to keep working hard to make risk frictionless for the growing list of high-quality builders and operators we insure, the people responsible for building the future of the physical world."
Shepherd was also ranked No. 7 out of 90 honorees in the Insurance category, and No. 11 out of 153 honorees in the San Francisco Bay Area.
“Every company on the Inc. 5000 has a story of perseverance, smart decision making, and a refusal to sit still,” says Mike Hofman, editor-in-chief of Inc. “Their growth reflects more than strong financial performance—it reflects creativity, resilience, and the customer focus required to build companies that make a lasting impact. We congratulate all honorees on this significant achievement.”
What the growth is measuring
Shepherd underwrites risk in commercial construction and renewable energy, which are both segments experiencing rapid growth due to the AI infrastructure boom. The company’s clients include the general contractors, specialty builders, and energy developers constructing the data centers, power plants, and infrastructure behind the AI economy, along with the construction and energy projects at the center of American daily life like schools, hospitals, highways, and more. Every construction and renewable energy project has to be insured by a provider who understands the modern field reality of those builds, which Shepherd is uniquely positioned for. The company prices commercial risk up to 15 times faster than traditional carriers with its AI platform that integrates real-time data from construction technology systems, including Procore, Autodesk, Raken, DroneDeploy, OpenSpace, Brickeye, Wint and others directly into underwriting.
Roughly $10 trillion of infrastructure investment is projected to be required in the United States through 2033, spanning AI-driven build-out and the modernization of roads, railways, schools, and hospitals. Electricity consumption is growing at its fastest sustained pace in decades, driven by data centers and rising consumer energy demands. Taken together, it is the largest construction cycle in a generation, and it produces high volumes of exactly the complex construction and energy risks Shepherd was built to underwrite.
Shepherd insures all of the ENR top 10 contractors in the United States and 21 of the top 25. Since inception, the company has insured more than $500B of total project value. Shepherd operates as a managing general underwriter, partnering with carriers to provide coverage while retaining underwriting authority, and has raised $67 million in total funding, including a $42 million Series B led by Intact Private Capital earlier in 2026.
By the numbers
- No. 139 on the 2026 Inc. 5000, the top 3% of companies recognized
- No. 7 in the Insurance category out of 90 category honorees
- No. 11 in the San Francisco Bay Area out of 153 metro area honorees.
- 2,234% three-year revenue growth (fiscal 2022 to fiscal 2025)
- 1,600+ policies issued
- 630+ customers across construction and energy
- Over $500B of total insured project value.
- 10 of the top 10 U.S. builders and general contractors, along with 21 of the top 25 (ENR 400) covered by Shepherd
- $67M total funding, including a $42M Series B led by Intact Private Capital
If you're a commercial insurance broker placing commercial construction or renewable energy risk, meet the Shepherd team, or send us a submission. We reply quickly.
Inc. 5000 List Methodology
Companies on the 2026 Inc. 5000 are ranked according to percentage revenue growth from 2022 to 2025. To qualify, companies must have been founded and generating revenue by March 31, 2022. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2025. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2022 is $100,000; the minimum for 2025 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons.