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
Grab your Zhoug sauce: Lawrence-built eatery launching brand across KC (starting with this famous food spot)
Shuttered for three years, the former d’Bronx pizzeria space — the now-defunct hometown brand’s original location along 39th Street’s famed “Restaurant Row” — is reopening Wednesday with a fresh look and flavors from the other side of the globe (via a Kansas college town). Zhoug Mediterranean is expected to debut its fare at 3904 Bell…
Homegrown startups can redefine KC, leader says; they just need help surviving long enough to do it
Editor’s note: The following is the third in a four-part series exploring the verticals and impact of initiatives within the Economic Development Corporation of Kansas City through a paid partnership with EDCKC. Leave KC better than you found it: How matching growth to city’s needs is paying off Wrong tool can wreck a neighborhood; Precision development…
This AI scans for auto damage in 30 seconds; Here’s how it’s gaining instant trust, KC tech industry veteran says
A growing number of automotive-sales and related businesses are turning to Click-Ins, an AI-assisted startup on a rapidly upward trajectory, to solve a long-standing problem: how to inspect vehicles quickly, accurately and consistently without relying solely on human judgment. But the value isn’t in replacing humans in the workforce, said Josh Parsons, a 20-year auto…
Power moves: Electric vehicle infrastructure stalled in Kansas where liquid fuels still dominate
Editor’s note: This article was written for a class at the University of Kansas’ William Allen White School of Journalism and Mass Communications and distributed through the Kansas Press Association. The number of people buying electric vehicles in Kansas is steadily growing, and as the number increases, the need for accommodation will be balanced with…