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
Jasmine Diane: ‘My Girl Story’ empowerment is bigger than T-shirts, Instagram
Jasmine Diane Cooper dreams of inspiring women across the world with the My Girl Story movement, she said. “[As women] we will tear ourselves down or we look for things that kind of separate us, but we all have the same struggle,” said the social media influencer and rising star on the Kansas City marketing…
Pipeline rotates The Innovators gala to Omaha for celebration of fellows, incoming cohort
Pipeline hopes moving its The Innovators gala to Omaha for 2019 will help keep the premier startup event fresh after more than a decade in Kansas City, said Joni Cobb. “Change and experimentation are what Pipeline is all about,” said Cobb, president and CEO of Pipeline. “We are an entrepreneurial organization, and as such we…
KCultivator Q&A: Lesa Mitchell talks eating eyeballs, remembering names, growing startups
Editor’s note: KCultivators is a lighthearted profile series to highlight people who are meaningfully enriching Kansas City’s entrepreneurial ecosystem. The KCultivator Series is sponsored by WeWork Corrigan Station, a modern twist on Kansas City office space. Growth is a daily driver, Lesa Mitchell said, but it can be limited by the environment around entrepreneurs. “If…
STEM education bill backed by KC Tech Council passes MO Senate, heads back to governor
Despite initial pushback, a bill that would broaden access to computer education in Missouri high schools, could be gaining momentum, said Ryan Weber. If passed, the legislation would increase STEM awareness in public schools and require districts to count computer science courses as math and science credits, the KC Tech Council president and an advocate…