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
CRWND as a KC pitch contest winner, Keliah Smith expands her product line (and comfort zone)
Keliah Smith was nervous. She’d never been a fan of speaking in front of a crowd, but knew exposing her discomfort and weakness through the Alchemy Sandbox pitch competition was just part of the ongoing journey of an entrepreneur, she said. Avoiding that spotlight, Smith noted, already had kept her — and her business, CRWND…
DeBruce integrates career toolbox into HBCU’s programming for Black and Brown entrepreneurs
A new partnership between The DeBruce Foundation and Harris-Stowe State University showcases a shared goal of unlocking the potential within individuals and equipping them for bright careers and bright futures, said Leigh Anne Taylor Knight. “This is one of those relationships that reminds us that partnerships don’t need to be complicated,” said Taylor Knight, executive…
Heart by hand: Paper illustrator crafts intricate designs with an evocative pop of culture
Andrea Cira can trace the inspiration for her hand-crafted, colorful, paper illustrations back to her upbringing in Mexico, she shared. “You see a lot of things that are done by hand or by scratch,” she explained. “I’ve lived in different places in Mexico, so I got to see a few things from artisans. I always…
Sleep tech designed to combat night sweats moves toward consumer market with KS bedfellows
A Leawood company’s bed-based sleep technology — designed to reduce night sweats and help people better regulate their temperatures while they sleep — is headed to market in early 2024 with backing from the Kansas angel tax credits program and a swelling pre-seed round, said Win Hansen. Rairflow, Inc., which designed and developed prototypes for…