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
Coming soon: 8 new tech startups set for ‘lucky No. 7’ Pure Pitch Rally spot-cash event
From nutrition to logistics, local entrepreneurs continue innovating solutions that could result in Kansas City’s next unicorn, said Karen Fenaroli. Eight such potentially game-changing tech startups are expected to showcase their ideas next month, she announced Tuesday. The seventh annual Pure Pitch Rally is set to return Oct. 17 at the Burns & McDonnell Global…
New VP, investments among strategic scale-up efforts at Overland Park healthcare startup
ModRN Health has dramatically accelerated over the past year, said CaRessa Hutchinson, detailing moves that include more patients, new funding and the addition of an on-call expert in fast-growing startups. With more than 80 clinicians (nurses and doctors) on its team, the Overland Park-based virtual primary care solutions company is now providing family healthcare, plan…
Best in the US: ‘Market days are work days,’ but all are welcome at OP’s award-winning farmers’ market
More than 7,000 farmers’ markets across the United States competed for the title of “America’s Favorite Market” — but voters ultimately picked Overland Park’s community of vendors and entrepreneurs as the cream of the crop. “The Overland Park Farmers’ Market is the heart of this vibrant and diverse neighborhood where all are welcome,” said Kristina…
Alchemy Sandbox winners lean into challenge of live pitches as Porter House KC awards third-round checks
A third round of Alchemy Sandbox winners each walked away with more than a $5,000 check this week after an intense live pitch experience for the entrepreneurs behind three Kansas City Main Street ventures and two support organizations for Black businesses. “It was interesting to see how I had all this information in my head,…