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
High-fee crypto ATMs center around low-income parts of KC: Why it’s so hard to cash out
Editor’s note: This story was originally published by The Kansas City Beacon, a member of the KC Media Collective, which also includes Startland News, KCUR 89.3, American Public Square, Kansas City PBS/Flatland, and Missouri Business Alert. Click here to read the original story from The Kansas City Beacon, an online news outlet focused on local, in-depth journalism…
Toll project won’t just make Kansas’ most dangerous roadway safer, Davids says; it’ll be smarter
OVERLAND PARK — Two new express lanes along U.S. 69 in south Johnson County are expected to boost businesses, consumers, economic development and tourism as Kansas continues to grow and global events like the 2026 World Cup are added to the region’s roster, said Sharice Davids. “It’s all connected — our entire state,” said U.S.…
MLB commissioner: Royals need a new stadium to keep playing ball with young sports fans, evolving revenue demands
A modern ballpark district with the Kansas City Royals as its centerpiece — whether downtown or in North Kansas City — will mean a more competitive ball club, as well as economic development gains for the local community, said Rob Manfred. Washington D.C. and Atlanta are home run examples, the visiting Major League Baseball commissioner…
Sips on the shelf: Whiskey inventory app pours order into collectors’ private honey holes
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. WICHITA — Whiskey connoisseurs can now take their collections digital, shared Dave Cunningham, an enthusiast whose new app tracks the high-value, sought-after liquor. In February, Cunningham — with the help…