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
Lawrence-based Ainstein predicts radar tech will push self-driving automotive advances
From Kansas, Ainstein’s radar technology can have a profound impact on industries across the globe, said Zongbo Wang. “We wanted to design radar that can be very affordable and play different roles in the industry,” said Wang, CEO of the radar tech firm. “Over the past three years, we’ve experienced a time of tremendous growth.”…
Hustle in the making: Startups scaling ‘maker’ concept with high-growth models (Photos)
Andy Talbert is in no way crafty, the Snow Pops co-founder said. “At all,” he emphasized, eliciting laughter from the crowd at Startland’s “Hustle in the Making” Innovation Exchange. The event — sponsored by Plexpod and Polsinelli — explored the evolving spectrum of startup businesses that could be considered “makers” in modern entrepreneurial culture. Kansas…
Innovation district will look to black community for insight, McGinnis tells GEW crowd
Developing an innovation district takes a village, Kevin McGinnis told a packed room of Global Entrepreneurship Week attendees — a cross-section of Kansas Citians eager to learn more about how his proposed Keystone innovation district could re-shape diversity and inclusion efforts in the startup space. “I’m not going to suggest that I’m bringing a bunch…
Fiercely independent, together: CoCreate KC feeds talent through coworking pipeline
A new coworking space in the Crossroads — CoCreate KC — plans to mix commercial and fine artists to stoke creative energy, with each member able to lend their talents to the founding firm, BrandWell Partners, said Brad Lang. “There are so many Kansas City, successful freelancers out there working on the ground,” said Lang, co-founder…