May 14, 2024, Toronto, ON and Philadelphia, PA – EnerTech Capital, a leading venture capital firm focused on mobility, has invested in commercial fleet procurement software company SHAED. The Minneapolis-based software company has developed a digital e-commerce platform and marketplace that simplifies the process of procuring commercial vehicles. EnerTech led a $5.7 million dollar round and was joined by Joe Pritchard (CEO and 4th generation family member of the largest private commercial vehicle company in North America), along with Powerhouse and two undisclosed Corporate Partners.
Incubated inside one of the largest commercial fleet dealers within the US, Pritchard Companies, SHAED began independent operations in 2021 addressing the inefficiencies in the commercial vehicle market. As legacy OEMs electrify their current commercial offerings and new OEMs emerge, SHAED’s platform will streamline the transition to EVs. The current process for ordering commercial internal combustion engines (ICE) vehicles & EVs is complicated for stakeholders such as manufacturers & suppliers, infrastructure developers, fleet operators, and more. SHAED leveraged its deep understanding of vehicle capabilities, routing, and infrastructure needs to develop a procurement platform to help stakeholders integrate new technology by standardizing the electrification process. The new funds will be used to continue to expand SHAED’s platform to include a software-as-a-service (SaaS)-based offering.
The company is led by CEO and Founder, Ryan Pritchard, who has more than 20 years in the industry at Pritchard Companies.
“We're thrilled to welcome EnerTech as our lead investor at SHAED. Their industry ecosystem and deep corporate relationships perfectly complement our vision for growth. With their backing, we're poised to expand our business and lead innovation in the mobility sector,” said Ryan Pritchard, CEO of SHAED.
“We look for companies that directly solve barriers to industry adoption of new innovation. SHAED addresses many obstacles for any commercial fleet transition to ZEV by digitally connecting the necessary elements of such transition. Ryan Pritchard brings 100+ years of the family automotive enterprise knowledge of industry processes and expansive relationships. SHAED is designed as a platform for use by all existing and new market stakeholders, including significant enhancements for the legacy ICE businesses,” said Scott Ungerer, Founder & Managing Partner of EnerTech Capital.
“Our investment in SHAED is reflective of our continued focus and strategy in the commercial fleet space. SHAED addresses the growing need to digitize the procurement process which enhances visibility during the upfitting of fleet vehicles,” said Wally Hunter, Managing Partner of EnerTech Capital.
As a leading venture capital firm in the mobility space, EnerTech’s fifth fund (the Global Strategic Mobility Fund) has now closed 4 investments, including SHAED. The fund is backed by 10 major Corporate Limited Partners in both the US and Canada. EnerTech has assumed a key role in building key strategic partnerships, specifically working to create improved business engagement between industry leaders and early-stage innovation companies.
About EnerTech Capital
EnerTech Capital is a globally recognized venture capital firm that has been investing and partnering with innovators since 1996, empowering entrepreneurs to build transformative technology companies. The firm has pioneered an integrated approach to business building, leveraging strategic collaboration across a diverse stakeholder ecosystem to create value; with a focus on Mobility, Industry 4.0, and Connected Customer. EnerTech’s current platform has a significant focus on emerging opportunities in the mobility space across Electrification, Autonomy, Smart Mobility, and Connectivity. The firm has a long history of working with corporate strategic investors and providing value added insights and partnership opportunities to support growth and innovation objectives.
EnerTech has offices in Toronto, Philadelphia, Palm Beach Gardens, Boston, and Orange County.
For more information, visit: www.EnerTechCapital.com
Contact:
Name: Wally Hunter
Phone Number: 416-418-1505
About SHAED
SHAED’s vision is to be the pioneering force driving the transformation of the commercial vehicle industry towards sustainable and efficient practices. Through the company’s innovative ecommerce platform, it envisions a future where all stakeholders experience seamless workflows, unparalleled automation, and unprecedented profits, embracing the potential of electric vehicles while leaving behind outdated technologies and fragmented processes. SHAED aims to be the catalyst for progress, uniting the industry and revolutionizing the way commercial vehicles are procured, upfitted, and sold while contributing to a greener, more prosperous future for all.
Contact:
Name: Eddie Schick
Phone Number: 612-230-0192
Email: EddieSchick@SHAED.ai
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