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
TrackMy exit: KC startup’s sale secures team’s jobs, stronger position for its health compliance solutions
The acquisition of Kansas City-based TrackMy is expected to help its team focus on hyper-growth and deliver award-winning technology solutions, said Jeremy Elias, noting the deal limits some financial pressure by building a more strategically-capitalized business. Banyan Software and TrackMy Solutions Inc. announced the acquisition this week. The purchase price for the startup — an…
GreenLight Fund’s $1.2M investment brings two nonprofits focused on food security to KC
GreenLight Fund Kansas City recently announced a $1.2 million investment spread over four years to bring nonprofit solutions mRelief and Food Connect to the Kansas City region, addressing food security through responsive approaches to dignified food access. The two organizations have already begun work in Kansas City. mRelief uses technology to remove traditional barriers in the Supplemental Nutrition…
Entrepreneur on the side: UMKC challenge awards cash for top student hustle
Side hustles are a growing trend across the country — and the UMKC campus, said Alex Krause Matlack, noting the university is leaning into its role as an innovation incubator for student founders. Now in its second year, UMKC’s Side Hustle Challenge was established with the primary goal of empowering students with the knowledge and…
KC is capitalizing on recent wins: Here’s how it’s paying off for tech, biologics startups (and investors)
Dan Kerr joined a chorus of area officials and investment leaders singing the praises of a region on the rise Tuesday during a Midwest-focused venture conference in downtown Kansas City. “I hope you engage with the city and see some of the awesome stuff going on here locally,” the event co-founder and partner at Flyover…