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
Kenzen shortlisted for Webby Award; Here’s how you can help make this Startup to Watch a People’s Voice winner
A Kansas City startup that’s gained accolades and hefty investment for its wearable health monitoring device is nominated for Best App and Software in the 26th Annual Webby Awards — the highest profile awards recognition for excellence on the Internet. “Nominees like Kenzen are setting the standard for innovation and creativity on the Internet,” said…
Overland Park aviation software firm flies in $31M growth equity investment from Austin
Flight Schedule Pro — the maker of industry-leading cloud-based tech for flight schools, universities, and flying clubs — recently opened the hangar doors on $31 million in funding from an investor landing deals with fast-growing, bootstrapped software companies. Financial terms of the investment from Mainsail Partners, a growth equity firm that boasts offices in Austin…
Kansas legal tech startup’s exit unlocks opportunity to accelerate innovation, founder says
An Overland Park startup developing intuitive websites and marketing solutions for small law firms says its just-announced acquisition by a leading cloud-based legal operations platform is the verdict needed to push its services to mid-market clients and beyond. “Combining the best-in-class websites with practice management software unlocks a unique opportunity to deepen product integration and…
Real-world working: Relaunched initiative will put 500 paid teen interns into KC workplaces
A coalition of funders and employers are teaming up to provide 500 high school students across the Kansas City metro with paid summer professional experiences. “It’s really important that we come together as a community for these types of initiatives to make sure our young people are really connecting the dots and moving onto the…