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
This Wichita program is helping KC startups connect the dots to corporate partners
WICHITA — An eight-week program targeting knowledge and access gaps between emerging startups and enterprise companies helped boost a trio of Kansas City ventures whose founders are now eying new customers and partners as they scale. The 2023 NXTSTAGE Enterprise Engagement Series — an initiative of Wichita-based NXTUS — wrapped its latest cohort during Wichita Startup…
Shop Small: 5 gifts for people who are always cold
Editor’s note: This feature is the third in Startland News’ five-part holiday gift guide — presented in 2023 by nbkc bank — showcasing Kansas City makers and their products. Check out the featured maker below, then keep reading for five gift ideas to get started. Donnell Jamison’s colorful streetwear brand shares a similar retro vibe…
Let’s be blunt: MO cannabis culture is a great niche, founder says a year after legalization vote
A year after Missouri voters approved recreational marijuana at the ballot box, demand for high-quality cannabis products has exceeded expectations, said Michael Wilson, whose Kansas City-based operation quickly became a best-selling Show-Me State brand. “The past year has been a wild ride as anyone can suspect from an early emerging market like cannabis,” said Wilson,…
Urban farmer’s composting operation gets in ‘deep trouble’ with city; why she’s thankful for the opportunity to cultivate change
Being pioneers on the Kansas City urban farming scene can be a tough row to hoe, admitted Brooke Salvaggio noting the challenges she’s faced with Urbavore Farm and Compost Collective KC are just the latest season on an evolving agricultural landscape. “More or less, we’re rebels,” explained Salvaggio, who along with her husband, Dan Heryer,…