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
J. Rieger spices up its strategy with KC culinary star; new tastes already hitting destination distillery’s menu
Deep fried and doubling down, the minds behind J. Rieger and Co. are distilling a new era that’s expected to make the local tourist destination one of Kansas City’s best places to work — and to grab one of its most legendary spicy chicken sandwiches. “If you didn’t already know, you quickly come in here and…
Why many ‘deskless’ workers think management is out of touch — the good news: tech can fill the gap
Editor’s note: The opinions expressed in this commentary are the author’s alone. Bob Butler, chief customer officer at SafetyCulture, which has its U.S. headquarters in Kansas City’s Crossroads Arts District, oversees operations for the global tech company and has led it through its greatest stages of growth. Click here to read more about SafetyCulture’s strategy…
Crush it, live hard and honor the 13 folds: Trio of KC gyms join intense challenge, salute sacrifice
Most Americans don’t know the true weight of these American flags — folded 13 times into a triangle and presented to a fallen service member or veteran’s next of kin, said Josie Buford. To better communicate the heavy burden they represent, she organized a physical challenge that’s uniting three Kansas City businesses. The 13 Folds…
Inclusivity succeeds when founders are held accountable, says winner of Chamber’s equity award
Fahteema Parrish doesn’t mind putting forward extra work to make sure her employees feel included, she shared, embracing an environment that supports individuals of all backgrounds. “Parrish & Sons Construction is an example of what intentional execution of equitable work within an organization actually looks like. Equality and inclusivity are key focal points as my…