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
After years searching for belonging, new VFA director discovers like minds within startup workforce fellowship
Craig Moore’s new role at Venture for America gives him even greater opportunities to boost representation for entrepreneurs and workers of color, the Black Excellence KC co-founder said. And VFA already has been doing the work, he added. “This is probably the most culturally aware group I have ever been a part of,” said Moore,…
She’s on a mission to boost the region’s tech talent; SnapIT’s new office in Wichita is the next step
Overland Park-based SnapIT Solutions has expanded its promise to deliver high-quality technology job training and educational services into Wichita, Neelima Parasker said, detailing a new partnership between the information technology firm and Wichita State University. “The IT side of the tech industry is now more in demand than ever. … I want to maximize Kansas’…
Kauffman awards Omni Circle $360K grant to help build minority small business hub
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. Editor’s…
MADE MOBB remix: How the KC streetwear kings’ Chiefs collab takes their grind to the gridiron
The postseason pairing of Kansas City’s premier streetwear brand and its most celebrated sports franchise is a dream come true — one years in the making for longtime fans and co-founders Vu Radley and Mark Launiu. “I’m glad it happened now, because after nine years of doing this, we are ready,” said Radley, describing MADE…