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
Is government helping startups enough? Founders feel isolated, Kauffman survey finds
Early stage entrepreneurs struggle with the technical steps to getting started, a new Kauffman survey found, and founders don’t believe the government is helping them. The prevailing sentiment that entrepreneurs view themselves as isolated from assistance is understandable, said Melissa Roberts, vice president of strategy and economic development at the Enterprise Center in Johnson County.…
Kauffman survey: Women more critical of their own early-stage entrepreneurial efforts
Women entrepreneurs are more likely than their male counterparts to grade their performances harshly during the first year of business, though that tendency typically fades over time, according to a new survey by the Ewing Marion Kauffman Foundation. It often is about approaching the venture a realistic viewpoint, said Jeff Shackelford, executive director of Digital…
Video: ShotTracker fan app courts NAIA tourney crowds with AR experience
A new ShotTracker fan app — expected to launch today — will combine real-time analytics with augmented reality for a first-of-its-kind fan engagement opportunity at next week’s Division 1 NAIA basketball tournament, said co-founder Davyeon Ross. “We want to make the experience as great as possible for the end user,” Ross said, noting his company’s…
TechAccel, UC Davis lab developing wheat seed to combat climate change
A Kansas City-based tech and venture development firm hopes to engineer wheat seeds that produce higher yield by withstanding warmer temperatures. “We’re taking a concept that is pretty important for wheat worldwide,” said Brad Fabbri, Chief Science Officer of TechAccel. Increasing temperatures make growing wheat more difficult across the globe, studies show. Reports indicate climate…