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
Travois receives $35M in tax credits to boost economic development in Native communities
A fresh tranche of new markets tax credits is expected to help Crossroads-based Travois support the funding of projects in Native spaces, like school facilities and health clinics, said Phil Glynn. “New markets tax credits are an essential tool for filling funding gaps for projects in places with the greatest need,” said Glynn, president of…
Chef Ryan Edwards’ flame rises with new BBQ concept (in a familiar Lenexa space)
A new BBQ hotspot opened this week on Lackman Road, bringing a seasoned restauranteur’s latest concept — and the taste of distinctly Kansas City barbecue — back to his old grilling grounds. Sierra BBQ, a casual dining concept from chef-owner Ryan Edwards, debuted Tuesday in the former Johnson County space occupied by Edwards’ acclaimed Sierra…
Here’s how Kauffman’s five just-hired directors fit into the Foundation’s new impact- and research-heavy focus
A handful of newly announced directors at the Ewing Marion Kauffman Foundation are expected to help drive forward the influential philanthropic organization’s updated priorities and grantmaking strategy, said Dr. DeAngela Burns-Wallace, emphasizing an underlying theme for their work: prosperity for all. “These five new director positions welcome a combination of talent and commitment to our…
Startup newcomer no longer the outsider after capping $30K+ Pure Pitch Rally prize haul
A decade ago, Zik Nwanganga felt like a stranger in Kansas City, he said. Monday’s Pure Pitch Rally gave him a new perspective — surrounded by funders and startup supporters eager to boost his fledgling venture. “I’m just in shock — overwhelmed with joy and grateful for the community coming together,” Nwanganga said after tallying…