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
Chan Zuckerberg funds KC nonprofit to help AI tech empower educators, innovators
A nearly $1 million grant from the Chan Zuckerberg Initiative is expected to help a Kansas City-based nonprofit expand and strengthen the infrastructure of its national education research and development coalition, its founder said. The funding specifically supports Leanlab Education’s American Group of Innovative Learning Environments (AGILE) Network, a national education R&D network and collective…
Design-Zyme, KU researchers latch onto $3M SBIR award for Lyme disease vaccine
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. LAWRENCE — Vaccine development at KU Innovation Park could help stop an uptick in Lyme disease in its tracks, using a just-announced $3 million in federal funds to bring a…
Crown prime location: How two KC foodies are creating Museum of BBQ in one of the world’s barbecue capitals
A new museum — showcasing Kansas City as a barbecue capital of the world, as well as how meat takes on its famous flavors — is set to open in spring 2025 the Crown Center Shops, led by two veterans of the local food scene, and complete with barbecue baked beans ball pit. The aptly…
‘Wonderful things anywhere’: Entrepreneurs share keys to ‘Main Street’ success
Editor’s note: This story was originally published by Missouri Business Alert, a member of the Kansas City Media Collective, which also includes Startland News, KCUR 89.3, American Public Square, Kansas City PBS/Flatland, and The Kansas City Beacon. Click here to read the original story. COLUMBIA, Missouri — When Willy Schlacks noticed what he said were inefficiencies plaguing…