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
Overland Park aviation software firm flies in $31M growth equity investment from Austin
Flight Schedule Pro — the maker of industry-leading cloud-based tech for flight schools, universities, and flying clubs — recently opened the hangar doors on $31 million in funding from an investor landing deals with fast-growing, bootstrapped software companies. Financial terms of the investment from Mainsail Partners, a growth equity firm that boasts offices in Austin…
Kansas legal tech startup’s exit unlocks opportunity to accelerate innovation, founder says
An Overland Park startup developing intuitive websites and marketing solutions for small law firms says its just-announced acquisition by a leading cloud-based legal operations platform is the verdict needed to push its services to mid-market clients and beyond. “Combining the best-in-class websites with practice management software unlocks a unique opportunity to deepen product integration and…
Real-world working: Relaunched initiative will put 500 paid teen interns into KC workplaces
A coalition of funders and employers are teaming up to provide 500 high school students across the Kansas City metro with paid summer professional experiences. “It’s really important that we come together as a community for these types of initiatives to make sure our young people are really connecting the dots and moving onto the…
SafetyCulture acquires safety app for decentralized frontline workers who often go it alone
A global workplace operations company with its U.S. headquarters in Kansas City on Tuesday announced the acquisition of SHEQSY, a cloud-based lone worker safety app — a move meant to address an underinvestment in frontline processes, enablement, and emerging technologies, said Luke Anear. “Frontline workers make up 80 percent of our global workforces,” said Anear,…