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
Resource revival: Digital Inclusion Fund relaunches with initial grants focused on devices
Kansas Citians can’t upgrade skills or devices they don’t already have, said organizers of a newly relaunched Digital Inclusion Fund — emphasizing a need to attack the metro’s digital divide at the infrastructure level. The fund is set to award up to $250,000 to 501(c)(3) public charities (including schools and churches) or governmental entities across…
New deal with lightwell keeps WeWork in Kansas City after closing Corrigan Station space
A freshly negotiated lease agreement with the developer behind the lightwell building in downtown Kansas City means WeWork will continue its two-floor coworking and flexible office space operation in the heart of the city’s central business district. WeWork has officially completed its lease rationalization with the assumption of its lightwell location contract, the company said…
Meet the founder distilling greatness (and fusion flavors) into Kansas’ first Black-owned vodka brand
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. WICHITA — Greatness isn’t given; it’s earned, said Troy Brooks. But it comes one step at a time, and not without its challenges, he said. The entrepreneur behind Kansas’ first Black-owned…
Startup gives fans real ownership in emerging athletes; investing in talent before they make it big
Just as investors can put their money in Google or Apple, Parker Graham wants sports enthusiasts to invest in the next Patrick Mahomes or Travis Kelce, he shared. Along with co-founder and fellow Oklahoma State football alum Yves Batoba, the Kansas City-based serial entrepreneur, Pipeline fellow, and founder of Finotta has now launched Vestible —…