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
2000 Vine: Brewed under pressure, KC’s first Black-owned brewery puts more than reputations on the vine
Editor’s note: This story is part of a series from Startland News highlighting entrepreneurs, businesses, and creators leading revitalization and redevelopment efforts in and around the historic 18th and Vine Jazz District. Click here to read additional stories from this series. A brewery under construction at 2000 Vine on Kansas City’s East Side comes from…
KC-built healthtech app announces pre-seed funding from former JE Dunn CEO
Funds from a new pre-seed investment will help commercialize the MyDigiRecords app, its founder said, announcing critical new backing from one of Kansas City living entrepreneurial legends. The health records app — which will enable consumers to directly manage their health records, like immunizations and prescription drugs — announced Thursday the undisclosed, but “sizable” funding…
Newly merged Cyderes boasts 63-percent growth rate, beating timeline, expectations
Editor’s note: Cyderes is a financial supporter of Startland News’ nonprofit newsroom. Merging two cybersecurity powerhouses was a monumental task unto itself, said Robert Herjavec, but the newly formed Cyderes has exceeded expectations and more than overcome the challenges associated with blending the strengths of Herjavec Group and Fishtech Group. “Not only is our merger…
2000 Vine: ‘KC doesn’t understand how dope this guy is’ — Painter blessed with a space (and style) of his own
Editor’s note: This story is part of a series from Startland News highlighting entrepreneurs, businesses, and creators leading revitalization and redevelopment efforts in and around the historic 18th and Vine Jazz District. Click here to read additional stories from this series. In an opportunity that “came out of nowhere,” Kansas City artist Warren “Stylez” Harvey…