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
Farmobile lawsuit claims dismissed, CEO says ‘Truth won out and justice was served’
A more than two-year legal dispute over trade secrets has hit a milestone, Farmobile announced Friday, as a federal judge dismissed all claims against the Leawood-based farm data firm. “We welcome the court’s decision. Truth won out and justice was served,” said Jason Tatge, CEO of Farmobile. “Farmobile takes great pride in the development of…
Edcoda founder after pivot to new edtech app Boddle: ‘I wish I had failed faster’
Clarence Tan held onto his startup Edcoda longer than he should have, the founder admitted, but his pivot to a new edtech learning app, Boddle, should prove a more filling fit for users. “Boddle has a much better underlying vision and mission, as well as being better in terms of how it would work in…
New STEAM Studio ‘pop-up’ lab planned for Rockhurst library along Troost
With its quiet atmosphere and stacks of source materials, the bottom floor of the Greenlease Library at Rockhurst University is a great place to study or do research. But it doesn’t necessarily strike one as a state-of-the-art design thinking and learning lab — yet. Starting this summer, that section of the university’s library will be…
City: Best way to avoid tickets in downtown KCMO, Crossroads? Pay via ParkMobile app
Unsafe parking conditions in the city’s downtown business districts have spun out of control, prompting increased ticketing, said Matt Staub. The ParkMobile app can reduce such headaches for motorists searching for an open spot along busy Kansas City streets. “People are kind of making up their own parking spaces, parking in ‘no-parking’ zones — all…