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’s housing market makes young professionals’ first homes more elusive; here’s how four of them are making it work
As newcomers to Kansas City in 2019, Ria Rao and Morgan Bannerman found community co-living with other young professionals under the same roof. Now they’re hoping to replicate that environment — this time as homeowners. The move comes in large part out of necessity. Amid a highly competitive housing market, locating an on-budget home — and…
Meet 10 finalists for AltCap Your Biz pitch payout; competition returns during GEW KC
A diverse group of nearly a dozen small businesses are advancing to the next round of the annual AltCap Your Biz: Pitch Competition with finalists ranging from a mobile vegan soul food service to a Northland selfie experience. The “Closing the Deal” live pitch event showcases the 10 best concepts from a pool of 43…
Just funded: Sharks, crowd salute veteran-led tech newcomer with $32K in Pure Pitch Rally checks
A fresh face to the startup stage, Zachary Oshinbanjo left Monday’s Pure Pitch Rally with the most-funded venture of the event — taking home more than a third of the day’s nearly $90,000 in cash prizes. A U.S. Army veteran, Oshinbanjo pitched “land sharks” on Vetelligence — a tech platform that aims to create a…
Flyover Capital adds managing partner with fresh perspective on KC, tech investment expertise
A month after announcing its more than $60 million Tech Fund II, Flyover Capital is adding to its leadership team — appointing Tristan Mace, a serial tech entrepreneur and investor, as a managing partner at the Overland Park-based venture capital firm. “I’m excited to join Flyover Capital as we build on our success of contributing…