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
Amazon’s drones won’t be alone over KC: Federal rule change opens skies to greater tech buzz
As the nation prepares for large-scale commercial drone deployments — thanks in part to newly rolled-back federal regulations — pilots, businesses, and agencies using the tech must skillfully balance opportunity with public trust and privacy concerns, industry experts said. “I’ve had people say to me, it kind of creeps me out … but in 30…
Garmin survived the smartphone revolution; now it wears digital health innovation on its wrist
Garmin might not have survived cellular carriers putting free navigation and mapping apps on every smartphone if the Olathe-based GPS tech leader wasn’t constantly innovating, said Scott Burgett, touring a group of digital health entrepreneurs and investors through the Johnson County headquarters. “It’s what keeps a company vibrant,” said Burgett, senior director of Garmin Health…
High-profile digital innovators, investors bringing blockchain finance leaders to Kansas City
As Kansas City’s rise as a Midwest blockchain hub continues, a new investor-focused summit is set to bring global blockchain and digital finance leaders to the region next month. The aim: Connect major players in the rapidly maturing sector with Heartland-based investors. The inaugural Heartland Digital Asset Exchange, or HDAX, is planned for Sept. 9…
LISTEN: How this startup helps brands ditch plastic without disrupting manufacturing
On this episode of Startland News’ new Plug and Play Topeka founder podcast series, we sit down with Anthony Musumeci — CEO of Earthodic — to explore the future of sustainable packaging. Discover how Earthodic’s flagship product, Biobarc, delivers water-resistant, recyclable paper coatings made entirely from bio-based ingredients — closing the loop on waste without sacrificing…