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
Kelce, Mahomes opening ‘experiential modern steakhouse’ in KC (just in time for a three-peat Super Bowl run?)
Two Chiefs stars are teaming up for a new restaurant concept within Loews Hotel Kansas City — calling plays on the upscale steakhouse project with plans to open by early 2025. The collaboration with Super Bowl champions Patrick Mahomes and Travis Kelce would mean 1587 Prime — an immersive dining experience with a name inspired…
Lawmakers want to divest TikTok from Chinese influence, not kill the popular app, says Davids
A nationwide ban on TikTok, a video sharing app popular with young people and an increasing number of brands, is edging closer with legislation to curb the China-linked platform passing Wednesday in the U.S. House. U.S. Rep. Sharice Davids, D-Kansas, was among lawmakers supporting the move, voting “yes” on the bill and urging ByteDance, TikTok’s…
InvestMidwest releases startup lineup for April conference; KC companies set to pitch
Eight Kansas City startups are among 40 companies selected to pitch in April at InvestMidwest — reflecting not only a diversity of founder representation, but a wide range of agriculture, health, and digital technology innovations from across the Midwest, said Claire Kinlaw. “The caliber of talent and innovation among the chosen companies is truly remarkable, and…
Royals ballpark plan gains support among longtime Crossroads advocates, though questions linger
Editor’s note: This story was originally published by Kansas City PBS/Flatland, a member of the KC Media Collective, which also includes Startland News, KCUR 89.3, American Public Square, The Kansas City Beacon, and Missouri Business Alert. Click here to read the original story. The Kansas City Royals’ controversial Crossroads ballpark plan has qualified support from some longtime…