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
Garmin CEO reveals startup origins, tech hiring challenges, culture of innovation
It began like any other startup, said Clifton Pemble, Garmin’s sixth employee and now CEO of the $11 billion GPS tech firm. “I joined Garmin and it was literally just days later that we were gathered in a little place over at 95th and Pflumm — two rooms in a small strip mall kind of…
1 Million Cups wraps month-long black entrepreneur showcase
Celebrating differences strengthens everyone, a white 1 Million Cups volunteer told a room full of black entrepreneurs and business owners Wednesday evening. “Diversity and inclusion are important to us year-round here at 1 Million Cups,” said Kyle Smith, communications coordinator at KCSourceLink and a 1MC Kansas City community organizer. “And I am very well aware…
C2FO raises massive $100M round for global expansion
In what is believed to be the largest venture-backed funding round in the Kansas City area’s history, C2FO is lighting the fuse on its global expansion with a $100 million capital raise. The Leawood-based financial tech firm’s round was led by Munich-based Allianz X and Abu Dhabi-based Mubadala Investment Company, and included participation from Temasek,…
Techweek KC returning with big LaunchKC, Techstars, BetaBlox demo days
One of Kansas City’s biggest conference series for entrepreneurs is returning in October alongside some of KC’s most premier accelerator programs, said Amanda Signorelli, CEO of Techweek KC. Demo days for Techstars KC and BetaBlox will join LaunchKC as signature events during the Oct. 8-12 conference, she said. “Combined with the nationally recognized LaunchKC competition…