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
‘We have to allow for failure,’ says serial entrepreneur; Scale announces 7 startups in second cohort
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. COLUMBIA,…
Comeback KC Ventures adds 9 more fellows to accelerate rapid-response health innovations
A global pandemic exposed both new challenges and the potential for disruptive solutions — putting Kansas City entrepreneurs at the forefront of rapid-fire change in the wake of an ongoing health crisis, said organizers of Comeback KC Ventures. Nine additional Kansas City tech startups are joining the fellowship program, its leaders said Wednesday, expanding upon…
Leanlab launches edtech certification with focus on accountability to classrooms
A new product certification from Leanlab Education means increased transparency for edtech companies — as well as added credibility for their work within schools. “We want to give teachers and school administrators a quick way to understand if an edtech product reflects the insights of educators, students, and parents — the true end users in education — and…
Actor David Dastmalchian fought his own demons; now the KC native is sending ’80s-inspired monsters to you
Growing up in Kansas City, David Dastmalchian was enamored with his hometown’s most shadowy corners: its fabled haunted houses, the shelves of Clint’s Comics, “Crematia Mortem’s Friday” on local TV, and even his Overland Park neighborhood’s mystical-seeming creeks and forests. Each of these childhood haunts planted a seed for the Hollywood actor’s latest project —…