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
Latest Digital Sandbox startups: Connecting solutions on climate change, supply chain, child therapy and voter education
Four new companies welcomed this week into the fold at Digital Sandbox KC help showcase the ongoing success of the 6-year-old proof-of-concept program, said Jeff Shackelford. “We’ve now provided project development funding for 118 area startups, and this group has raised over $70 million in add-on investment and created nearly 700 new area jobs,” said…
Q&A: Founder Jy Maze on the industry that runs the world (and delivers the toilet paper)
Everything has to ship, said Jy Maze. From the microphone in her hand to the stool where she sat to the shoes on the Maze Freight Solutions founder’s feet, it all comes with mileage and a cost, she said. Her woman-owned, Overland Park-based, third-party freight logistics startup itself was packed in 2017 when Maze decided…
AI smart sensor startup Particle Space earns ‘Top 50 Tech Companies’ distinction
A virtually hardware-free property and building management platform from Particle Space earned the Kansas City-based startup high honors this month at Intercon in Las Vegas. “The future is bright, all buildings will communicate every interworking detail,” said David Biga, founder of Particle Space, which uses artificial intelligence and smart sensors for its residential and commercial…
Got ideas for real-world events? Global Entrepreneurship Week accepting 2019 submissions
A weeklong event elevating the doers, dreamers and makers at the heartbeat of Kansas City small business needs the community’s help, Jenny Miller said. Organizers of Global Entrepreneurship Week — set for Nov. 18-22 in Kansas City — are now accepting event submissions for this year’s celebration, said Miller, network builder at KCSourceLink and chair of…