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
Rock Chalk hustle: KU launches ‘Startup Jayhawk’ event series to demystify entrepreneurship
Editor’s note: The University of Kansas’ School of Business is a partner of Startland News. LAWRENCE — A three-day startup event series at the University of Kansas is expected to help shine a spotlight on student entrepreneurship and innovation, said Brian Anderson, noting an intentional effort by KU’s School of Business to make startup life…
Enchanté! Restaurateur bakes her latest hotspot on KC Streetcar line: Each space speaks to me
Some conversations are too special to end with a simple “goodbye,” said Heather White. “Say you’re in France with a group of friends, and you’re having one of those amazing conversations that is just so delightful — when it’s time to leave, you want to say more than goodbye. It’s enchanté!” shared White, the founder…
Olathe startup remixes graduation apparel for students with hair that won’t fit the mold (or cap)
Graduation is an important time in a young person’s life, said Rashawnda Wright, noting students should look and feel their best on perhaps the biggest day of their educational careers. After watching her daughter, Myayla, struggle to wear her graduation cap atop her big, curly hair, Wright was inspired to come up with a solution.…
$500K Etsy grant expected to help AltCap offer microloans to artists, creative entrepreneurs
AltCap this week announced a new partnership with the global marketplace Etsy to provide microloans to artists and creative entrepreneurs in America’s Heartland. Etsy has awarded AltCap, an impact-focused small business lender, a $500,000 grant to provide $1,000 to $10,000 loans through the ARTcap Microloan Fund to artists and creative entrepreneurs in Kansas, Missouri and…