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
Sandlot scores endorsement by one of KC’s favorite players; how the deal puts this brand on a base path to the big leagues
Kansas City’s only local hat maker, Sandlot Goods, announced Thursday its first professional athlete endorsement — from Royals infielder Nicky Lopez — in a hit aimed as a major play in the brand’s home run strategy. “We are incredibly excited about our first major league endorsement,” said Chad Hickman, founder of Sandlot Goods. “The first…
Despise doggie duty? It’s only No. 10 on startup’s list of pet peeve tasks people don’t want to do themselves
One in four Kansas City residents say they’ve become worse at handling awkward tasks since the pandemic began, according to a new survey by local services marketplace Airtasker. Among the most biting tasks KC wants to avoid: picking up dog poop from someone else’s lawn. Airtasker, which acquired Kansas City-based startup Zaarly in May 2021,…
Overland Park startup wins four pilot projects through NXTUS health competition
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 the Ewing Marion Kauffman Foundation, which leads a collaborative, nationwide effort to identify and remove large and small barriers to new business creation. WICHITA…
Inside-the-box thinking: Veteran entrepreneurs craft memory care tools to engage dementia patients
The founders of one of Kansas City’s celebrated small businesses are launching a new solution for dementia care: a curated, monthly subscription box full of themed engagement activities and tools designed to improve patients’ quality of life. Prairie Elder Care’s Michala Gibson and Mandy Shoemaker originated the idea for the Connectivities subscription tool during the…