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
Renewed Kauffman support expected to fuel ECJC’s ‘Pitch Perfect’ through 2021
Hungry entrepreneurs could be the leading reason behind the return of Pitch Perfect bootcamp at the Enterprise Center in Johnson County. “[We heard from the community that] it was one of the best programs in the city for [early-stage founders],” Kathryn Golden, ECJC programs manager, said of a growing appetite for resources provided by the…
SpraySeeMo returns to Crossroads, painting a shared space for graffiti artists, businesses (Photos)
An annual transformation of the Crossroads Arts District, SpraySeeMO paints more than graffiti-like murals, explained Lexi Walz. It creates energetic and collaborative opportunities for area businesses and talented artists. “Essentially, we’re a group of architects and designers all consumed with creating experiences and emotions through design,” said Walz, marketing and content manager at Generator Studio…
Hyperloop One on display in KC: Imagine being first-ever passenger to ride its 600 mph pod (Photos)
While not a single passenger has yet stepped foot aboard Virgin’s Hyperloop One, that doesn’t mean the technology isn’t more realistic than ever before, explained Jay Walder. “People can’t really imagine what it would feel like to go 600 miles an hour,” said Walder, CEO of Virgin Hyperloop One — which pulled onto the track…
Social Side Effect: Ex-KC influencer lands commercial with Patrick Mahomes (but building an Instagram brand isn’t magic)
Editor’s note: Social Side Effect is an ongoing profile series that identifies the intersection between social influencing and entrepreneurship People follow Ian Merzwinski on Instagram because they like him, the social influencer said as he explained the importance of personal brand building. “The best thing that you can do is just be consistent,” Merzwinski, founder…