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
KC Tech Council program preps veterans to face new battle: Kansas City’s workforce
Ian Whitehill went from military deployment to software bootcamp, waging a new career as a software engineering technologist at Lenexa-based Genuen thanks to KC Tech Council’s emerging apprenticeship program. “I always wanted to do something where I felt like I was contributing to society and the world around me. When I heard about the opportunity…
KC’s first Vietnamese coffee shop brews $20K at AltCap Your Biz; other winners include an urban farm, development company and selfie studio
Cafe Cà Phê can now afford to build bathrooms in its anticipated brick-and-mortar coffee location, Jackie Nguyen teased on Instagram after being awarded the grand prize at the 2021 AltCap Your Biz: Pitch Competition. “The $20,000 will go toward helping build that out — getting new appliances, [hiring] new employees because we’ve outgrown our cart.…
Leawood firm partners with BestyBnB on tech platform to protect domestic violence survivors, their pets
Fresh off news of its $2 million investment by a local businesswoman and prominent animal advocate, Kansas City-based startup BestyBnB this week announced a new pet reservation tech platform — built by a company in neighboring Leawood. Available on mobile and desktop, the BestyBnB web-based platform enables DV shelters to search and secure long- and short-term…
KC Velocity launches as re-imagined Lee’s Summit accelerator goes metro-wide
An entrepreneur-backed support organization for early stage founders and business leaders across Kansas City went live this week — the culmination of an intensive rebranding campaign for an accelerator previously geared specifically to Lee’s Summit. “KC Velocity is focused on matching growing businesses with experienced, invested experts in a variety of essential capacities including finance, accounting,…