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
Staying transaction-ready in uncertain market conditions
Editor’s note: The perspectives expressed in this commentary are the author’s alone. The following is a paid thought leadership piece from The Ferguson Smith Cohen Group at Morgan Stanley. In the face of market uncertainty, one thing private companies can control is their “transaction-readiness” for an IPO or secondary offering. Discover three things a company…
Zee underscores artists’ need for positive venues; creative powerhouse opens pocket of support
Zahra Briggs developed her creative voice in Kansas City; now she’s setting the stage for fellow independent artists who struggle to find venues that match their vibe — and often have to pay to perform. She’s even creating a version of herself in the metaverse to open access further. A singer and songwriter herself, Briggs — who…
MyAnIML earns NSF funding, patent; now facing new phase of growth with industry validation
Thanks to a recent federal grant — along with a newly secured patent on its first-of-its-kind, proprietary facial recognition tech for cows — MyAnIML is proving its place as a leader within a herd of ag innovation, Shekhar Gupta said. The Overland Park startup received a 250,000 Phase I grant from the National Science Foundation…
KC’s next LGBTQ+ space wants to be more than just a raging club; How this permanent takeover aims to better reflect queer nightlife
Westport nightlife is set for transformation as a sweeping expansion adds seven late-night hotspots to the historic entertainment district — anchored by a new bar catering specifically to Kansas City’s LGBTQ+ community. Q Kansas City — a collaboration with Lance Pierce of Queer Bar Takeover — is expected open its doors in October at 504 Westport…