Global Prairie sues ag tech firm FarmLink for loan default
January 5, 2017 | Bobby Burch
Kansas City-based marketing firm Global Prairie has filed suit against a local ag tech firm for defaulting on a loan, according to a document that was filed Nov. 14 in Jackson County Court.
In the document, Global Prairie alleged that Kansas City-based FarmLink failed to fulfill payments on a promissory note in the amount of $568,390 plus interest. A promissory note is a financial tool used to put the terms of a loan in writing and contains a written promise to pay a stated sum on a specific date.
FarmLink — whose website is now inoperable — offers a suite of tech services for farmers, including its analytics platform TrueHarvest and machinery sharing platform MachineryLink Sharing.
Led by CEO Ron LeMay, the company has raised about $77 million in capital. LeMay is also the managing director of OpenAir Equity Partners, which is a top investor in FarmLink.
FarmLink in February announced that it would split its company into two businesses, FarmLink and MachineryLink Solutions. The court filing includes two other affiliate organizations: FarmLink LLC and FarmLink Analytics.
Anne St. Peter founded Global Prairie in 2008. The firm has since opened offices in Chicago, Cleveland, Denver, Fort Worth, Washington, D.C., Berlin and Brussels.
“This is a legal matter and we intend to limit any comments to our court filings,” said Greg Wolf, an attorney at Dentons that’s representing Global Prairie.
FarmLink has not yet responded to request for comment. The ag tech firm was selected by Startland News as one of Kansas City’s top 10 startups to watch in 2016.
Featured Business
2017 Startups to Watch
stats here
Related Posts on Startland News
Strang closes doors to Plaza food hall concept, citing slow foot traffic to its diverse, chef-driven menus
Despite a bustling holiday shopping season on the Country Club Plaza, a food hall in the iconic Kansas City shopping district failed to gain a foothold, said CEO Shawn Craft, announcing the closure of another Strang Hall location less than a month after shuttering its downtown space. Leaders behind Strang Chef Collective on the Plaza…
Well Played, KC: How an overseas Chiefs game inspired designs that brought Lindsey Hall off the bench
Her apparel brand’s timeless style echoes Ralph Lauren’s aesthetic, with a KC twist Kansas City’s fashion scene has gained a new player in Well Played KC, a lifestyle brand blending classic Americana style with local pride. Founded by Lindsey Hall, the business is gaining momentum with versatile, throwback-that-doesn’t-feel-dated apparel that resonates with on-the-go Kansas Citians. …
This top maker got his start with a social push; but the real influencers behind the Craft E brand: his wife and family
Enrique Hernandez, the creative force behind Craft E. Embroidery, proved that dedication and creativity can transform a hobby into a thriving business — earning him the title of Made in KC’s top maker for 2024. “It hasn’t really settled in yet,” Hernandez said about winning the award in mid-December. “But it feels good.” ICYMI: Made…
Go BTS of a new KC-filmed reality TV series with the entrepreneurs who matched competitors with their style
ULAH founders get second chance to put their business (and Kansas City) on the national stage One of Kansas City’s best-known fashion duos — married entrepreneurs Joey Mendez and Buck Wimberly — recently stepped back into the fast-paced world of reality TV as stylists for a new series featuring another KC personality who commands screen…