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
Switchyards opening ‘work club’ in historic East Crossroads space: ‘It’s an absolute stunner’
Think dive bar with deep focus, said Brandon Hinman, describing the “neighborhood work club” concept that Atlanta-based Switchyards is bringing to the East Crossroads this spring. It’s a third-space workplace with no hot desks, standalone offices, or tiered memberships. “We actually have been more inspired by working out of coffee shops, libraries, boutique hotel lobbies,”…
A night for knock-outs: Pipeline gala adds glitz to the hard-fought battles of entrepreneurship (Photos)
Midwest means resilience, Melissa Vincent told a black-tie crowd of entrepreneurs gathered Friday evening in the Grand Hall at Union Station, ultimately sharing the stage with not one, but two Innovator of the Year honorees. “When they get knocked down, knocked out, they get back up and they stay in the ring,” continued Vincent, CEO…
Topeka startup hub launches diverse entrepreneur community (with fintech help on loan from KC’s Cyphr)
TOPEKA — An initiative aimed at boosting early to mid-stage entrepreneur development in the heart of Kansas launched Friday, said Michael Odupitan, noting the effort by Topeka-based Omni Circle to redefine the startup journey — and who’s allowed to join it — comes with a Kansas City assist. “Omni’s goal is to unite and strengthen…
How an east side community garden gives Ruby Jean’s namesake her storybook ending as juice brand goes national with Whole Foods
While market expansion for Ruby Jean’s harvests the big headlines, Chris Goode’s grassroots health initiatives are staying firmly planted in Kansas City’s east side, the juice brand’s founder said — announcing plans to launch a one-acre community garden this spring on Wabash Avenue. Budding out just blocks from where Goode grew up, the Ruby Jean’s…