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
Mayor Sly James commits $10K for women in business efforts
Kansas City Mayor Sly James recently announced two initiatives to benefit women in business and in science, technology, engineering and math fields. James pledged $10,000 toward the Women’s Business Center‘s “WE-Lend Microloan Program,” which supports women-owned businesses in Kansas City, Mo., through funding, technical assistance and access to a financial coach. The mayor also announced additional support for…
KCK: First for Google Fiber, close to last for connectivity
Despite being the first city to land Google Fiber, Kansas City, Kan., still made the list of the worst-connected cities in 2014. Not only did the city make the list — it made top 10. The National Digital Inclusion Alliance aggregated the list from the 2014 American Community Survey data released by the U.S. Census Bureau last…
Summer fundin’ — it happened so fast
Kansas City startups snagged a load of capital over the summer. Often earmarked for product development, hiring or both, the funds represent new injections of capital that startups hope will boost their businesses to become the next big thing out of Kansas City. In total, 23 startups raised more than $56.8 million, which is not…
90 on the Clock: Rawxies’ vegan treats
90 on the Clock: Rawxies’ vegan treats By John McGrath, KCPT, and Bobby Burch, Startland News Ed’s Note: Flatland and Startland News have partnered to highlight Kansas City’s innovators and entrepreneurs, all in 90 seconds. This is the second episode in the five-part series. Rawxies founder Callie England may best be defined by her tenacity. England, who…