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
Code for Kansas City hacking into fifth year; more civic hackers needed
After five years hacking, Code for Kansas City is expanding its reach with new projects and avenues for using the brigade’s coding and technology skills to identify and match problems in the community with potential solutions. A fifth annual hackathon event this weekend — the National Day of Civic Hacking or HackKC — illustrates the…
DivvyHQ lauded as one of industry’s best at content marketing conference
Kansas City-based software platform DivvyHQ nabbed two top awards at the Content Marketing World convention earlier this month in Cleveland, Ohio. For the second consecutive year, the startup received the audience choice award for the top content creation and workflow platform from the Content Marketing Institute — an industry leader with which DivvyHQ has an established…
Video: Hammerspace fueling maker community through supportive network
Since its launch in 2011, Hammerspace has served as a community space for hundreds of Kansas Citians. Unlike coworking spaces with traditional desks and chairs, Hammerspace gives members access to lasers, 3-D printers, sewing stations, radio components, and equipment for welding, sculpting, woodworking and other art forms. In April, Hammerspace moved out of its Brookside…
Glassdoor ranks KC No. 3 in nation for jobs; software engineers wanted
The Midwest is hiring. And Kansas City stands out among the best in the region, according to a new study. Popular job search site Glassdoor released a list of the top cities for jobs, ranked by affordability, hireability and employee job satisfaction. Kansas City nabbed a No. 3 spot on the list, following Pittsburgh at…