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
Pipeline gala salutes ‘thriving, ever-evolving’ Midwest startup scene boosted by its fellows
The 2023 edition of the Pipeline Entrepreneurs Annual Innovation Gala honored a slate of innovators and inspirational forces from across the region, hailing the growth of entrepreneurship in the heartland — and a handful of top award winners. Melissa Vincent, executive director of Pipeline Entrepreneurs, credited the fellows with fostering a now-thriving entrepreneurial ecosystem in…
Esports league brings new Midwest Fest event to KC, launching new Army National Guard partnership
Gamers and esports enthusiasts around the Midwest are invited to congregate, connect and create at the first annual Midwest Fest. Midwest Fest, organized by the Kansas City Pioneers and LEVELUP Arena, is a gaming and streaming convention featuring multi-title gaming tournaments for amateurs, opportunities to meet with popular creators, workshops and giveaways. The event is…
J Rieger wants to be a ‘showpiece for Kansas City’ as distiller takes its whiskey international
Editor’s note: The Greater Kansas City Chamber of Commerce is a non-financial partner of Startland News, which serves as the media partner for the Small Business Superstars program. On the heels of expanding its distribution into several European countries in 2022, J. Rieger & Co. on Wednesday earned the 2023 Weida Award for International Small…
IT firm honored as ‘Emerging Business of the Year’ finds inclusive welcome in Kansas City
Editor’s note: The Greater Kansas City Chamber of Commerce is a non-financial partner of Startland News, which serves as the media partner for the Small Business Superstars program. NvisionKC — founded during the throes of the pandemic — more than survived 2020, Grace Ahn said; the IT consulting company is positioned for power, earning the…