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
Why a City Market favorite is jumping the state line — to the food court at Oak Park Mall
Its Brazilian dishes — using recipes the owners grew up eating in São Paulo — have been a City Market draw for more than a decade. Now Taste of Brazil restaurant is expanding to Johnson County, but as a quick-serve kiosk with a limited menu. Taste of Brazil Express plans a late September opening in…
Spiced side hustle gives this Kansas culinary teacher a kick (and a growing market)
Richard Wilks is bringing heat to Kansas’ food scene. A chef and community-builder at heart, Wilks created Burro, a line of chili and garlic crunch oils, sauces, and seasonings designed to fuel real connection around the table. His growing lineup can be spotted at the Overland Park Farmers Market, where loyal customers keep coming back…
Animal health innovators: Building on a new frontier means do-overs, even when you got it right first
Kansas City-based ELIAS Animal Health earned full USDA approval for its bone cancer therapy for dogs earlier this year, but the road to commercialization has been long and anything but straight, Tammie Wahaus shared. The veteran CEO shared her story of pivots — including switching from human health to animal health and adapting to ever-changing…
Development leaders laud HQ expansion for organization that opens workforce to Kansas Citians with autism
A new multimillion-dollar, 80,000-square-foot headquarters along Kansas City’s Brush Creek marks a major milestone for Behavioral Health Allies, strengthening the organization’s workforce training efforts and its belief in the potential for individuals with developmental disabilities and autism spectrum disorders, officials said Wednesday. “This expansion is exactly the kind of investment Kansas City needs,” said Tracey…