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
It’s OK to open with joy: How two moms’ dreams just launched twin shops on Brookside-Waldo border
Two women, longtime friends, have similar entrepreneur origin stories. Now they have side-by-side shops in a bustling neighborhood shopping district. The twin storefronts — Bramble & Stem led by Katherine (Brambl) Taylor; and Blue Sky Art + Home from hometown artist Leslie Beck — come as the mothers-turned-business owners pivot from freelancing to full-time entrepreneurship.…
Tiki Taco plans to double its restaurant count in 2025, starting at one busy Olathe corner
A rapidly scaling taco spot with a trio of locations across the metro is adding an Olathe restaurant this March. Four more Kansas City-area eateries are already in the works with the partners at Tiki Taco hungry for regional expansion — even if it isn’t yet on the table. “I’m stoked,” said Richard Wiles, one…
$11.2M+ awarded: 53 orgs tapped for first-ever tranche of Kauffman capacity building grants
A new grantmaking strategy from the Ewing Marion Kauffman Foundation is manifesting through an inaugural round of funding to local and outside organizations whose work supports the priorities of college access and completion, workforce and career development, and entrepreneurship. The Kauffman Foundation on Monday announced its first tranche of grants — totaling more than $11.2…
Kansas City company becomes the gameday go-to collaborator for celebrity-jammed events
Teaming up with the Eighty-Seven and Running Foundation for events — like the recent Kelce Car Jam in the Crossroads — is an incredible opportunity for Kansas City’s Platinum XP to showcase its capabilities and build a reputation as a top creative collaborator, said Lauren Rios. “Platinum XP has the opportunity to work with many…