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
SafetyCulture acquires safety app for decentralized frontline workers who often go it alone
A global workplace operations company with its U.S. headquarters in Kansas City on Tuesday announced the acquisition of SHEQSY, a cloud-based lone worker safety app — a move meant to address an underinvestment in frontline processes, enablement, and emerging technologies, said Luke Anear. “Frontline workers make up 80 percent of our global workforces,” said Anear,…
Startup embraces ‘digital labor’, creating personalized robots for tedious tasks — beginning with cold calls
Salespeople spend too much time searching for emails, making cold calls and setting up meetings — leaving less energy for comprehensive conversations and closing deals, said Nick Smith. His solution: robots for salespeople or, as he calls them, “Sailebots.” “One day I had a revelation that there could be a tool for these mundane tasks.…
Forbes names EquipmentShare to list of best startup employers for third straight year
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,…
Meet the people-first small biz advocate helping decode the language of entrepreneurship for KCMO
Editor’s note: The following profile on Samuel Morris, small business advocate for Kansas City, Missouri’s, KC BizCare Office is made possible by the office’s financial and programmatic partnership with Startland News. When the bell rang on Samuel Morris’ Kansas City teaching career, he knew he had to do something big as he stepped back out…