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
Wonder developers eye emerging businesses and creatives for Troost
Business is brewing at the former Wonder Bread bakery. With a flurry of activity at 30th and Troost, the historic site is undergoing a transformation: from yet another vacant space on the corridor to an anchor for residential and commercial life on Troost. “They’ve gutted the inside and they’ve done a ton of work,” said…
You don’t have to pick a side, neighbor-led Troost Coalition says
It’s about bringing residents back to Troost Avenue, Cathryn Simmons said. And that means challenging the status quo. “This used to be a free-for-all. Troost was the Wild Wild West of Kansas City,” she said. “You could come over here and do anything you wanted. Legally.” A founding member of the Troost Coalition, Simmons helped…
Video: Nonprofit wants to bring coworking, craft fairs and farmers markets to Troost
Nonprofit group Troost Market Collective hopes to revitalize a section of Troost Avenue — from 31st to Linwood — bringing a coworking space, art collective and maker spaces, as well as regular festivals and farmers markets. While other developers are busy building residential and retail space along the Troost corridor, Troost Market Collective co-founders Katie Mabry…
Troost revival: Can a brewpub, retail and 670 housing units mend racial divide?
No turning back now, Ilan Salzberg said. “This is real,” the Wonder lofts developer laughed, gesturing at the freshly installed kitchen cabinetry and hardware in a model apartment unit at 30th Street and Troost Avenue. Wonder is expected to be the first of three major residential developments to open between 27th Street and Armour Boulevard…