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
EquipmentShare completes another $150M equity raise, building on its Series E funding
COLUMBIA, Missouri — The latest tranche of funding for EquipmentShare puts mid-Missouri’s most earth-moving scaleup close to a half-billion dollars in funding announced over the past six months. EquipmentShare, a Columbia-based equipment and digital solutions provider serving the construction industry, on Wednesday announced it completed an extension of its Series E equity raise, led by funds…
Tesseract Ventures illuminates its work with US military, lighting new alert system for air force base
A new military contract showcases Tesseract Ventures’ versatility and sophistication in the national security tech space, said John Boucard, touting the Overland Park-based company’s cutting-edge Alert Route Lighting System planned for MacDill Air Force Base in Tampa. “Tesseract continues its focused mission to revolutionize the way people live, work, and play by developing state-of-the-art technologies…
Anonymous donor makes $50M commitment to KU School of Business; largest gift in school history
LAWRENCE — A hefty anonymous donation is expected to transform business education and research at the KU School of Business, said Paige Fields, noting the $50 million commitment will also provide funds to advance key initiatives supporting undergraduate student success. “This transformative gift supports the School of Business’ ongoing commitment to excellence in research and…
Why the KC Pioneers refuse to stay in their lane; esports league teams with Kansas Speedway for weekend event
First they watched from stadium seats at the speedway, then from pit road. Now the fans-turned collaborators at the KC Pioneers are on track with one of their biggest partners to date: NASCAR. Kansas City’s premiere esports league has teamed up with the Kansas Speedway to bring traditional racing and esports gaming into the same…