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
How ‘raving fans’ in small town Kansas built this govtech startup’s sales funnel
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. This series is possible thanks to Entrepreneurial Growth Ventures (EGV), a business unit of NetWork Kansas supporting innovative, high-growth entrepreneurs in the State of Kansas. MANHATTAN, Kansas — A trio of govtech…
Royals announce gaming partnership with KC’s premier esports org: We share the same DNA
The Kansas City Royals on Monday announced a partnership with one of the fastest-growing esports organizations in North America: the Kansas City Pioneers. Among the first partnerships of its kind in the MLB, the move represents an opportunity to connect two passionate fan bases — baseball fans and fans of gaming, the Royals said in…
SafetyCulture taps chair of Tesla’s board of directors as KC-rooted scaleup eyes new growth phase
Robyn Denholm brings a wealth of senior-level tech experience, leadership, and advocacy to SafetyCulture’s board of directors, the company said Monday, noting Denholm’s role as a leading voice calling for more diversity in the sector. SafetyCulture, a $2.2 billion Australian scaleup, houses its U.S. headquarters in Kansas City’s Crossroads Arts District, where it has been…
$60K in pitch competition winnings will help Black-owned businesses drive employment, book purchases
The owner of a mobile phlebotomy company took home the $30,000 grand prize at Friday’s We Are Black pitch competition — the first such event organized by Kansas City G.I.F.T. LaVita Green said the funding and resources from G.I.F.T. will help Caresticks Mobile Phlebotomy, which provides patients with on-site and mobile phlebotomy services, to grow…