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
Kansas program aims to create startups with public-private partnerships
A new Kansas program is tapping universities to incentivize residents to launch more startups through public-private partnerships. The Kansas Department of Commerce recently kicked off “JumpStart Kansas Entrepreneurs” in the hopes that it will spur economic growth in the Sunflower State via early-stage firms. “The program is designed to stimulate and grow the economy from…
Humanizing text analysis, Stride marches to international growth
Computers can do a lot these days, but they can’t process feelings. After all, that’s what sets humans apart from machine — right? Not necessarily it seems, as one Kansas-City based artificial intelligence firm is challenging that notion with its text-analyzing tech that not only identifies subjects but also a writer’s sentiment. A graduate of…
Idle Smart earns $125K in national clean energy program
Idle Smart recently was dubbed a top clean-energy firm and won some substantial investment capital for its technology. Based in Kansas City, Kan., the company was voted by its peers as the top firm in the Energy: US 2016 program, nabbing $125,000 for its smart thermostat device for fleet vehicles, such as semi-trucks. The company’s…
With KC startup Edcoda, students learn as wizard saviors
Across the U.S., student engagement is declining. By the time students reach high school, 2 out of 3 them will become disengaged, according to Gallup’s 2015 figures. But one Kansas City-based startup is working to change that by making fun a top priority. Edtech startup Edcoda created the 3D, online role-playing game Coda Quest, which…