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
Fast-growing KC startup closes $20M in Series B funding to accelerate genetic progress in cattle
A well-muscled funding round is expected to help Lenexa-based Vytelle expand its global operations after having already scaled the agtech startup’s breakthrough in vitro fertilization, data capture, and AI-driven genetics tech to be easily accessed by more than half of the U.S. cow herd. “This is indicative of strong market interest in our products and…
Blerdy for 30: KC comic creator’s documentary takes Black nerd culture from niche to your screen
A recently launched Kansas City entertainment company hopes to become the digital epicenter of “Blerd” — shorthand for Black nerd — content, said Brandon Calloway. Now the founder of Blerd TV, Calloway debuted the Blerd YouTube channel in January, where more than 3,000 subscribers already have access to free content, he said. However, that represents…
16 small businesses in 60 seconds: Did you spot your favorite entrepreneur in the Royals’ new campaign?
It’s a new season, but longtime connections fly deep into the outfield for the Kansas City Royals and a fandom that’s supported them for decades. Among those most impacted: entrepreneurs whose stories run along the same baseline as the championship-winning baseball club. “It might sound crazy, but I honestly credit a lot of our growth…
Now renting nostalgia: Hands-on classic car startup drives ‘look but don’t touch’ into the past
Ryan Wager isn’t just renting out classic cars with his new startup, he shared, he’s loaning out memories. North Kansas City-based RND — launched earlier this year — allows community members and visitors to take classic, RND-restored cars — like his own 1958 Chevy Corvette — for a spin with daily rentals. Want to take…