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
Batters up! Voting now open for KCSourceLink All-Star competition
When the Royals take the field June 18 at Kauffman Stadium, more than a dozen freshly crowned KCSourceLink All-Star honorees will be catching accolades. But first: You have to vote. KCSourceLink’s final round of balloting has begun for the All-Star selection, which coincides with the network’s 15-year celebration during Entrepreneur Day at the K. Dozens…
Video: Five ways to build an app — your startup’s high-tech living organism
Editor’s note: Continuing Startland’s mission to help area entrepreneurs and startups grow, we’re happy to share with you a video from our friends at Kansas City-based tech agency Crema. Learn more about the agency here. App development for any startup doesn’t end when the technology goes live for users. Choosing the right method to build…
Calling songbirds, good and bad: Choir Bar harmonizes with group singalongs
Kansas City’s new “Choir Bar” only works with a packed crowd, admits Matt Baysinger, but professional vocal talent isn’t required. “There’s no sheet music, no judgement, no solos, and no pressure,” he said of the “reverse karaoke”-style event wherein the masses — not an individual — belt out a popular tune. “We’re here to sing…
Report: Kansas City is the best locale for Millennial entrepreneurs
Overflowing with business resources, an affordable cost of living and a collaborative community of creatives, Kansas City recently was named the top U.S. destination for Millennial entrepreneurs. Thumbtack.com — a platform for customers to find various contract professionals in their area — named Kansas City, Missouri, as the best city for entrepreneurs born between 1980…