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
Watch: Nomad App founders ‘scratching our own itch’ with travel tech
After an inspiring but at times complicated adventure in Latin America, the founders of a Kansas City startup are aiming to ease the burdens of traveling to exotic locales. During a Central- and South-American tour of more than 5,500 miles, Nomad App co-founder Juan Campos said his team realized there are common logistical challenges for…
New, wireless Google project could make KC the most connected city on earth
Google apparently likes Kansas City a lot — a whole lot. Now four years after it launched its gigabit Internet service in the area, Google is planning to build a massive wireless broadband network in Kansas City that could make it one of the most connected cities on earth. Google — which already has determined the…
Five startups hop into the Digital Sandbox KC
Another batch of early-stage firms are planning to accelerate their businesses via Digital Sandbox KC. Kansas City business incubator Digital Sandbox KC on Thursday announced that five startups have received its proof-of-concept funding support. Digital Sandbox, which invests up to $25,000 in area businesses for specific projects that help the firms secure additional funding, has…
Overland Park startup Member Jets crowdsources private flights to cut costs, save time
An Overland Park tech firm is bringing charter flights to the masses with its crowdsourcing platform that reduces the costs to fly in swanky private jets. Founded in 2015, Member Jets created a private aviation community that connects travelers to discounted private flights by aggregating available seats and travel opportunities. Now used at Kansas City’s…