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
His family-fried waffle spot is open for cheat day (but not breakfast); How Dennis Alazzeh played chicken with restaurant trends and won
Kansas City-battered Chick-In Waffle is expanding into Johnson County; its owner — a son from within Jerusalem Cafe’s founding family — gives the classic American chicken-and-waffle combo a global twist with flavors like Asian chili, tikka masala, and queso After slogging away in his father’s restaurants while in school, Dennis Alazzeh swore off the industry…
Theater’s $8.7M rehab set to bring Black Movie Hall of Fame, Black Rep to KC’s ‘cultural corridor’
A century after the storied structure’s construction, an $8.7 million redevelopment project at the Boone Theater in Kansas City’s historic 18th & Vine Jazz District aims to recapture the space’s potential as a cultural hub for the community — and a bridge to the city’s history. The long-awaited project at 1701 E. 18th St. is…
Ice rinks to skee-ball: Phase 1 of this massive sports entertainment complex opening in JoCo after 20 years in the works
Once completed: ‘You’ll come here for a three-day weekend and not see your car until you leave on Sunday’ With its highly-anticipated opening this weekend, a sprawling new sports and recreation complex in south Johnson County is expected to soon spark fights between parents over who gets to take their kid to the weekend tournament,…
Bill Nye: We’re all born scientists — most people just get distracted; here’s how the ‘Science Guy’ thinks critical thinking can make the world better
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. WICHITA, Kansas — Even with a looming (and divisive) election within weeks, the impacts of severe weather becoming more clear, and an increasingly uncertain future written within online algorithms, now…