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
KC-built Raven Space Systems awarded $1.8M contract via Air Force’s innovation arm
A LaunchKC alum’s latest stratospheric news: a hefty U.S. defense contract to produce 3D-printed reentry aeroshells for hypersonic flight testing — a breakthrough technology that’s expected to address some of the of most pressing challenges faced by today’s Air Force. Raven Space Systems on Monday announced the $1,800,000 STTR (Small Business Technology Transfer) Phase II contract.…
SafetyCulture names new CEO as founder moves into new strategic executive role
A global tech company with its U.S. headquarters in Kansas City is transitioning to American leadership. Kelly Vohs, a New York-based executive and former Green Beret in the U.S. Special Forces, is set to become CEO of the Australian company SafetyCulture Jan. 1 Founder Luke Anear, who long served as the rapidly scaling business’ CEO…
GEWKC adds full day of Spanish programming to serve growing community of entrepreneurs
Editor’s note: This story was originally published by Missouri Business Alert, a member of the Kansas City Media Collective, which also includes Startland News, KCUR 89.3, American Public Square, Kansas City PBS/Flatland, and The Kansas City Beacon. Click here to read the original story. Para leer una versión de esta historia en español, haga clic aquí. When Ana…
Young mom’s apparel for crawling babies wins best fit for UMKC Side Hustle Challenge
Riley Rhoads knows firsthand how overwhelming it is to shop for baby clothes, the University of Missouri-Kansas City student and new mother shared, so she created a product to help fellow moms. Hold Tight Baby — Rhoads’ venture that earned her first place at UMKC’s Side Hustle Challenge — makes pants for crawling babies. The…