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
Amplified to scale: Superstars initiative shines brighter as Chamber widens spotlight (Photos)
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. For the roughly 400 entrepreneurs who gathered Wednesday at lightwell, being a small business owner began to feel like something much bigger, said organizers of the KC…
Tamba Hali traded cleats for beats; former Chiefs linebacker’s latest music release runs from the field to the fine arts
Tamba Hali spent his entire 12-year NFL career with Kansas City. Now — as an Afrobeat recording artist — the home of the Chiefs still factors heavily into his career. On Valentine’s Day (and two days after the Chiefs Super Bowl victory), the former Pro Bowl linebacker released his latest music video — “Fine O”…
From exclusive to expansive: What Pipeline’s first hire in three years (and a $3M grant) mean for its efforts to close region’s resource gap
Kansas City — and the world — miss out when the potential contributions of promising entrepreneurs goes untapped, said Don Carter, pointing to Pipeline Pathfinder’s impact on minority, women, and rural-based entrepreneurs. “There are so many people doing so many dope things, so many cool things in the world, but they just aren’t connected to…
Startup Weekend rebrands to draw MO innovators to central startup hub; capitalizing on billion-dollar success stories
COLUMBIA, Missouri — In its second year, Startup Weekend is returning to Columbia but with a slightly upgraded look, said Brett Calhoun. Columbia Startup Weekend is now Missouri Startup Weekend with the intention to attract more individuals across the state, as well as reinforce Columbia, as an established startup hub. “We rebranded Startup Weekend so…