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
Cook to CEO: Chad Offerdahl sticks to Big Biscuit basics as breakfast industry trends funky — ‘That’s not us’
Chad Offerdahl’s journey with The Big Biscuit didn’t start in an office — it began in the kitchen, explained the CEO of the fast-growing, locally owned breakfast brand. That’s where he first learned the classics that define the company, its mission and the menu. “I started as a cook,” said Offerdahl. “I trained in the…
How this founder’s hobby (plus a little trouble) became Oak Park retail incubator’s biggest success story
“Big Chunky Blankets” — soft as a baby’s cheek and custom knitted in any color of the rainbow — folded into the foundation of what would become Maryann Nzioki Hult’s resilient, nearly pandemic-proof foray into entrepreneurship. They put local Tabu Knits on the online map of must-have-items, and then became the seed of two Johnson…
Big win for UMKC: Unlocking top tier research status gives KC new competitive edge
A new milestone for the University of Missouri-Kansas City — achieving status as Kansas City’s first Carnegie R1 research institution — is expected to help boost the region’s ability to start, grow and scale more startups, leaders said this week, emphasizing the role university-led research plays in innovation across industries and communities. “It’s absolutely massive…
KC Bier Co building new 30,000-square-foot urban beer garden; founder brewing a space for all
A Kansas City-built, German-style brewery is expanding to Lenexa — bringing an authentic Bavarian beer garden experience to Johnson County, said founder Steve Holle. Developed in partnership with West Star Development, the new KC Bier Co. venue will feature a large outdoor space, an indoor restaurant, private event areas, and a stage for live music…