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
Advocate knocks mayor for Troost renaming delay; calls slave owner tie KC’s ‘dirty laundry, reeking from the basement’
Kansas City can no longer whitewash its history to pretend Benoist Troost — an early KC doctor, slave owner and the namesake for Troost Avenue — was anything other than a monster, said Chris Goode, pointing blame at Mayor Quinton Lucas for a stalled effort to change the east side corridor’s controversial name. “There’s no…
C3KC organizers: Want to bring real social change to Kansas City? Let’s talk about it
The sold-out C3KC — a one-day conference that returns Tuesday, April 2 to Union Station — reflects the Junior League of Kansas City’s mission to bring together leaders for collaborative change in action, shared Ericka Duker. The Junior League — which aims to advance women’s leadership for meaningful community impact through volunteer action, collaboration and…
Passing the keys, passion: How a new wave of small biz owners plan to preserve beloved local brands
Some have been customers; some employees. Now they’re the new owners of popular local restaurants and retail shops. As founders step aside, fresh sets of entrepreneurs step up in hopes of carrying on the goodwill and loyal following these brands have built up, some for decades. John McClelland and his brother-in-law, Johnathan Griffiths, work together…
Topping expectations: These brothers helped expand Pizza Tascio to 8 locations; now they’re taking over
Erik Borger hired all three Lombardino brothers in their teens, starting them out as dishwashers at his restaurants in St. Joseph, Missouri. They quickly took on other positions — front of house, staff scheduling, food and beverage orders and deliveries, and hiring and firing workers. If an employee didn’t show up for a shift, they…