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
Aussie tech company with KC HQ closes $112M round to scale its global expansion, AI innovation
As global technology company SafetyCulture closes another massive funding round, Kansas City — its largest market and biggest opportunity — stands primed for continued investment at the firm’s U.S. headquarters in the Crossroads Arts District. SafetyCulture on Tuesday announced a $112 million round — which values the Sydney, Australia-based workforce operations company at $1.7 billion —…
K-State 105 entrepreneurship project advances economic growth in Douglas County
Editor’s note: The following story was originally published by K-State News. MANHATTAN, Kansas — A K-State 105 project is boosting economic growth in Douglas County by building an entrepreneurship ecosystem. Project organizers say the effort The network of aspiring entrepreneurs and established businesses could add 1,300 technology and 300 non-tech, high-paying jobs to Douglas County…
How a military mom’s hobby blossomed into a flower business in rural NW Missouri
Editor’s note: The following story was produced through a paid partnership with MOSourceLink, which boasts a mission to help entrepreneurs and small businesses across the state of Missouri grow and succeed by providing free, easy access to the help they need — when they need it. ROCK PORT, Missouri — Mandy Herron turned two acres…
Tough Chiefs loss propels Kansas City artist to launch winning business
Editor’s note: The following story was originally published by AltCap, an ally to underestimated entrepreneurs that offers financing to businesses and communities that traditional lenders do not serve. The Kansas City Chiefs came up one win short of entering the Super Bowl when they lost by a field goal to the Cincinnati Bengals in January…