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
She sends food to the dinner table, instead of the trash can; how one social venture is saving family mealtime with would-be waste
A Kansas City nonprofit’s innovative approach is reducing food waste, fighting food insecurity, and restoring family mealtime. Pete’s Garden, founded in 2019 by Tamara Weber, partners with caterers, restaurants, and food service organizations to save unserved, prepared food that would otherwise be thrown out. Weber and a team of volunteers portion and package that food…
College entrepreneurs match their student-athlete peers with NIL brand-building business
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. This series is possible thanks to Entrepreneurial Growth Ventures (EGV), a business unit of NetWork Kansas supporting innovative, high-growth entrepreneurs in the State of Kansas. WICHITA — Player Card’s young…
KC-based public service news outlet selects longtime nonprofit leader as its new CEO
A nonprofit news source focused on public service journalism for Kansas City and Wichita has selected a new CEO with more than 15 years of nonprofit leadership experience. Stephanie Campbell, a former executive team member at Leanlab Education, will lead the online Kansas City-based publication, The Beacon, tapping into her expertise in operations, marketing and…
No sugarcoating it: Motherhood is tough; this breastfeeding, diaper tracking app uses tech to guide moms past stigmas
Women’s health remains a taboo topic in American culture, said Vanessa Jupe, sharing why the mother-turned-tech founder is on a mission to provoke conversations and provide resources for women — starting with nursing infants. “Breastfeeding was not at all what I expected it to be. It was a very challenging, confusing time that showed me…