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
Listen: When the grind gets gloomy, experts discuss mental health challenges and entrepreneurship
About 72 percent of entrepreneurs have self-reported mental health concerns, according to a study done by the University of California San Francisco. More specifically, about 30 percent of entrepreneurs experience depression and about 30 percent experience ADHD, the same study found. In recognition of Mental Health Awareness Month, Startland News and Think Big’s May Innovation…
6 tips and tricks to stay sane while scaling fast
Frequently taking on more demands and shirking personal care, entrepreneurs’ work-life balance often skews toward work. Deadlines, finding clients, making payroll and dozens of other stressors can put entrepreneurs at risk of mental illness or compound existing challenges. Furthermore, entrepreneurs are disproportionately affected by such issues as ADHD, bipolar disorder and depression, according to studies…
Video: How to use the lean model canvas for fun and profit
Editor’s note: Continuing our mission to help area entrepreneurs and startups grow, we’re happy to share with you a video from our friends at Kansas City-based tech agency Crema. Learn more about the agency here. Starting a business, or launching a product is really hard. Most people will tell you to first come up with…
Visualize Kansas City’s digital divide with this new Smart City tool
A canyon between those with consistent access to computers and the Internet and those who don’t, the digital divide is often discussed in the abstract. However difficult to conceptualize in a broad scale, the digital divide in Kansas City has real economic, cultural and social implications in our community. That’s why the City of Kansas…