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
Crown prime location: How two KC foodies are creating Museum of BBQ in one of the world’s barbecue capitals
A new museum — showcasing Kansas City as a barbecue capital of the world, as well as how meat takes on its famous flavors — is set to open in spring 2025 the Crown Center Shops, led by two veterans of the local food scene, and complete with barbecue baked beans ball pit. The aptly…
‘Wonderful things anywhere’: Entrepreneurs share keys to ‘Main Street’ success
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. COLUMBIA, Missouri — When Willy Schlacks noticed what he said were inefficiencies plaguing…
Sweet Peaches wants a bigger piece of the pie; crowdfunding could scale this small biz across US
Community support will be key for Sweet Peaches Cobblers next batch of growth, said Denisha Jones, announcing plans to use Kickstarter funding to pack her flavorful and beloved family desserts into the freezers of more major retailers across the U.S. Already a local Kansas City favorite, Sweet Peaches Cobbler can be found in more than…
Jeremy Terman turned a likely ‘no’ into a tech career; his advice: Don’t wait for permission to start
The biggest risks are in doing nothing, said Jeremy Terman, encouraging entrepreneurship students at UMKC to take the plunge — even if at times the world might be telling them they aren’t ready. “You don’t have to be in a box. You don’t have to listen to what the rules are,” said Terman, an investor…