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
Porter House KC receives $175K from JPMorgan Chase Foundation to support inclusive entrepreneurship
An investment by the JPMorgan Chase Foundation will help The Porter House KC fill a void in entrepreneur support programming in Kansas City, said Dan Smith. “Our goal is always to find a solution to the problem. We felt there was a gap. There was a whole population of people being missed. People who come…
Boddle raises $1.35M with KCRise Fund on board, reaches 450,000+ students, expands team
Editor’s note: KCRise Fund is a financial supporter of Startland News. This report was produced independently of that relationship. TULSA — As schools across the country navigate in-person and remote learning models, Boddle Learning, a math gaming platform that was founded in Kansas City continues to grow, raising another round of more than $1 million…
KC social entrepreneur Wesley Hamilton surprised with $1M on Good Morning America
Wesley Hamilton experienced a roller coaster of emotions Wednesday morning, with a grand finale surprise of a $1 million donation from the Craig H. Neilsen Foundation. “Thank you, everyone, for believing and watching the journey. It’s always been about the people we’ve been serving. I’m just grateful,” Hamilton said through joyful tears on Good Morning…
Bardavon announces $90M funding round to fuel health tech expansion; a moment built by people in KC, founder says
A $90 million Series C funding round for Bardavon Health Innovations is not only big deal for the startup and Kansas City — but a testament to a community of support that made the health tech company’s growth and expansion possible, said Matt Condon. Led by investor Matrix Capital Management, a public and private investment firm,…