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
Family-owned US Toy sells to Chicago-based novelty retailer; new owner pledges continued innovation
The strategic acquisition of a 70-year-old Grandview company that has become a household name for its novelty toys is expected to fuel its new owner’s ability to meet the evolving needs of modern-day customers. Chicago-based Windy City Novelties, Inc. announced the deal with US Toy this week, though financial details were not disclosed. Founded in…
Financier of the Year: Worlds’ biggest financial leaders applaud C2FO for job-creating capital access
C2FO would’ve been profitable in the US alone, CEO says; how solving for global needs made it an even stronger fintech leader The impact of one Kansas City-built fintech company is being felt far beyond the borders of the U.S., said Sandy Kemper, detailing how C2FO’s strategy to go global is creating hundreds of thousands…
Nelson-Atkins plans $170M new expansion, with an international contest to design ‘a museum for all’
Editor’s note: The following story was published by KCUR, Kansas City’s NPR member station, and a fellow member of the KC Media Collective. Click here to read the original story or here to sign up for KCUR’s email newsletter. The Nelson-Atkins Museum of Art is launching an ambitious expansion project that will transform its Midtown campus with a dynamic, open…
Storytailor pivots its AI-infused storytelling tech into therapy tool to combat childhood traumas
Kansas City-built Storytailor has a new pitch for parents facing a world of screen time: using its tech platform as a key resource for children’s mental health via therapeutic storytelling. “As adults, we often turn to comedy, satire, or metaphorical fiction to process our emotions,” shared JQ Sirls, founder and CEO of Storytailor. “Children do…