PayIt gains $25M follow-on investment from early backer Weatherford Capital
May 31, 2019 | Tommy Felts
A Tampa-based venture capital firm run by three brothers sees investing in Kansas City’s PayIt as part of its long-term strategy.
Weatherford Capital first backed PayIt in 2016, through a $4.5 million Series A round led by New York-based Advantage Capital Partners, and followed by Weatherford, Royal Street Ventures, the Missouri Technology Corporation and Five Elms Capital.
The firm confirmed to Startland this week a follow-on investment of $25 million for the Kansas City GovTech innovator, which is led by co-founders John Thomson and Michael Plunkett.
Specializing in GovTech applications that better connect government to its constituents, PayIt made news in 2018 thanks to major partnerships with the State of Kansas and the Unified Government of Kansas City, Kansas. Its iKan app notably allows Kansas to skip the line at the Department of Motor Vehicles.
PayIt was named one of Startland’s 10 Kansas City Startups to Watch in 2017 and 2018.
“As investors, we seek out quality teams, leaders, and healthy cultures, not just assets and good ideas,” reads the investment firm’s website. “We believe that through long-term partnerships with purposeful capital and high-quality companies we will produce outcomes that promote human flourishing.”
Driven by Will, Sam, and Drew Weatherford, the firm has a nationwide focus on middle market firms with enterprise value of $50 million or more.
In March, PayIt made headlines with a more than $100 million investment by New York-based Insight Partners, which provided an exit for investors within the KCRise Fund.
Click here to read about the game-changing investment for PayIt and Kansas City.
“The company [PayIt] happens to be in Kansas City — Investors expect a return. They’re looking for big, scalable, durable businesses,” PayIt’s Thomson said at Startland’s May Innovation Exchange event. “You’ll hear the phrase ‘escape velocity’ — those that can turn into the next Fortune 500 company in a market or a category. It’s all about the execution of the business, the growth trajectory and how investable is that team and business.”
Meeting with more than 85 firms in its most recent funding push, however, PayIt saw rising interest not only in its GovTech offering, but in its hometown backing, he acknowledged.
“There’s a broad awareness of Kansas City, this ecosystem and this environment — and that it’s been on the rise,” Thomson said.
Featured Business
2019 Startups to Watch
stats here
Related Posts on Startland News
‘This is the dream’: Starty Party turns up the volume on Kansas City tech, collaboration (Photos)
It isn’t a party without the people, said organizers of the Starty Party, gathering a crowd of startup veterans, early stage founders, investors and community leaders Wednesday for a one-night celebration of innovation — set against the backdrop of homegrown music and vibes. “This is amazing,” said Melissa Vincent, CEO of Pipeline Entrepreneurs, from the Starty…
KC preps for World Cup all-nighter, taste testing 23-hour drinking window for summer games
Entrepreneurs want to tap into all the potential business they can when an estimated 650,000 visitors descend on Kansas City for the World Cup, said Jim Ready, detailing plans for a temporary expansion of alcohol sales in KCMO to accommodate a global audience in June and July 2026. The move is more of a stress…
Kauffman narrows Uncommon Leader contenders to five finalists from community orgs
Kansas City leaders advancing toward the Kauffman Foundation’s high-profile impact award all demonstrate bold, creative, and inclusive leadership, said Dr. DeAngela Burns-Wallace, announcing five finalists for the inaugural honor. “Each of these leaders reminds us that one person can make a difference, and that compassion and dedication can change the lives of the people we…
KC-built app locks down vulnerable users’ data before they can share it with online scammers
He’s a startup founder today, but a protective brother first, said Danny Moran, describing how his sister with special needs motivated the launch of an app to protect vulnerable people engaging in a digital world too often filled with bad actors. “She’s been scammed online multiple times over the past 10 years, causing significant financial…