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
Cornstalks to cardboard: This KS company is turning farmers’ trash into sustainable fiber packaging
Startland News’ Startup Road Trip series explores innovative and uncommon ideas finding success in rural America and Midwestern startup hubs outside the Kansas City metro. WILLIAMSBURG, Kansas — One small town just south of I-35 in Franklin County — population 390 — soon will become home to a new world headquarters, said Mark Majors. Williamsburg’s…
Vine Street Brewing drafts ‘Afrodisiac’ Ale: A tribute to love, Black culture
A cross-Kansas City collaboration crafted specifically for the month of February could become a staple at Vine Street Brewing if customers fall in love with the blend as much as its brewers hope. Kansas City’s first Black-owned brewery — in partnership with André’s Chocolates and The Black Pantry — unveiled ‘Afrodisiac’ last week, offering a…
Fans packed Chiefs rally, one didn’t come home; citywide trauma from shooting won’t heal quickly, grief expert says
Trauma and grief come in waves, said Mindy Corporon, foreshadowing a long road ahead for those impacted — directly and indirectly — by Wednesday’s shooting near the Kansas City Chiefs’ Super Bowl victory rally. Like many across the region, Corporon, co-founder of the Merriam-based nonprofit SevenDays foundation, was watching the Chiefs parade on TV when…
Black leaders need to earn a ‘thriving wage’ before they can help others; an Evergy-backed cohort could help them ascend
A new program backed by entrepreneur support groups and Evergy aims to raise household income by at least 30 percent for participating Black professionals, nonprofit founders, and entrepreneurs, said Craig Moore II. “The ultimate goal is making sure you’re a leader who can do more than show up and talk about community — you have the…