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
Fairwave adds another Minneapolis coffee company to its fresh-brewed collective alongside Messenger, Roasterie
FairWave Coffee Collective has pulled another shot of growth, serving up news Tuesday of its acquisition of a second Minneapolis-based purveyor in as many years. “We are thrilled to welcome Up Coffee Roasters to the FairWave collective,” Suzanne Gunning, vice president of marketing, said in a release. The acquisition keeps Kansas City-based FairWave on track with…
LaunchKC reviving $50K grants competition with 8 big checks for startups ready to call KC home
After a four-year hiatus, LaunchKC is officially set to bring back its signature grants competition. Early-stage tech companies will have the opportunity to each win $50,000 in non-dilutive grants, plus access to business support and networking. Co-founded by the Economic Development Corporation of Kansas City, Missouri, (EDCKC) and Downtown Council (DTC), the non-profit LaunchKC’s cornerstone…
It starts with wool on 125-year-old looms; story of Pancho’s Blanket weaves KC into family mission
The popularity of Jonathan Garvey’s favorite wool jacket from Mexico eventually would weave a story of entrepreneurship connecting Kansas City to his family’s home and artisans in Latin America. It took the COVID-19 pandemic and a desire to help impoverished communities in Mexico to propel that plan into action. About a year and a half…
Swing for the big league: Custom baseball bat maker turns wood into diamond-worthy dingers
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 the Ewing Marion Kauffman Foundation, which leads a collaborative, nationwide effort to identify and remove large and small barriers to new business creation. BALDWIN…