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
Survival gets the wheels turning: Why this founder sold his home and belongings for a new pro journey
An entrepreneur who’s gained a following with his homegrown wrestling company and deeply personal cancer survival story is hitting the road — hoping to change perspectives about the disease by engaging and uplifting others who are fighting or affected by the disease. “It’s so easy to ignore something like brain cancer when it is seen…
Passion project set in stone: 2000 Vine Street’s ‘cultural inheritance’ is 150 years in the making
Editor’s note: This story is the first in 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. The revitalization of the two oldest public works buildings in Kansas City, abandoned…
KC, Wichita investors, new backers boost Novel Capital’s efforts to break down funding barriers
Additional funders have joined a seed extension round to help Novel Capital accelerate growth for B2B predictable revenue companies, the company announced Monday, noting further investment by KCRise Fund and Wichita-based Tenzing Capital. Novel Capital’s latest funding round was led by Ulu Ventures, with additional participation from MatterScale and Edovate Capital, as well as its…
Sister pitmasters of Jones Bar-B-Q, made famous by Queer Eye, are selling their restaurant
Editor’s note: The following story was originally published by KCUR, Kansas City’s NPR member station, and a fellow member of the KC Media Collective. Click here to read the original story or here to sign up for KCUR’s email newsletter. After Thursday’s lunch rush, Mary “Shorty” Jones and her sister, Deborah “Little” Jones stood outside of their beloved Jones Bar-B-Q, waving at the…