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
ScaleUP! KC touts revenue success stories as latest small biz cohort opens applications
Growth outcomes don’t always follow entrepreneurs’ graduation from ScaleUP! KC — sometimes they come before the game-changing, no-cost program is even complete, its leaders said. Rickey Leathers made significant strides in his business, Savvy Salon — co-owned with his wife, Lenora — while enrolled in the cohort, he said. “I successfully opened a second location…
Modern-day stress triggers make life harder; getting healthy shouldn’t add to those burdens, says KC Wellness Club
The shift to focusing on wellness instead of illness should be fun, said Heath Wessling, a former wellness expert at Cerner-turned-entrepreneur, who noted sustained growth or change is unlikely if a person is unhappy with the process. “We like to find ways to show you how it’s not a drag,” said Wessling, founder and owner…
Give them a drink, get to the real: This craft KC podcast serves entrepreneur vulnerability
Two Kansas City entrepreneurs hope to amplify the voices of local change makers by getting them behind the microphone with a drink in their hand. The Behind the Bar with Ashley and Hailee podcast sees co-hosts and friends Ashley Kendrick and Hailee Bland Walsh welcome their fellow Kansas City entrepreneurs into Kendrick’s basement for a…
A sneaky wink in each brutal piece: How one artist’s work paints his reality within a world of big, heavy events
Emerging Kansas City contemporary artist Addison “A.L.” Parrish believes that to create a work of art, he must first observe and understand the world around him. “I feel like, as an artist, my main job isn’t necessarily painting,” Parrish said. “It’s seeing and being — not detached — but in a neutral state of observation.”…