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
Meet the 12 KC companies pledging to buy from diverse vendors; Join them in the CEO-to-CEO Challenge
Editor’s note: The following story was sponsored by KC Rising, a regional initiative to help Kansas City grow faster and more intentionally, as part of a campaign to promote its CEO-to-CEO Challenge on supplier diversity. A dozen high-profile Kansas City companies are at the vanguard of a new regional effort to boost supplier diversity programs…
Earworms to the Oscars: They’ve redefined jingle writing, now composing music for motion (pictures)
Notes of passion are composed throughout every piece of Sam Billen’s entrepreneurial melody. But it’s the most recent crescendo in his career that has him thanking the Academy. “It sounds cheesy, but it’s actually pretty cool,” said Billen, composer and founding partner of Primary Color Music, detailing the experience of guests who step foot inside…
Innovators can’t do it alone; C3KC conference calls for cross-sector attack on wealth gap, KC’s biggest pain points
Editor’s note: Startland News is a media sponsor for the Junior League of Kansas City’s C3KC conference. Click here for tickets to the event, which features a keynote address by best-selling author Adam Grant. Challenges abound in Kansas City, Kimberlee Ried acknowledged, but opportunities for innovation to push change are even more plentiful. An in-person conference…
Roll over, Wordle: Tabletop golf, cocktail bar tee’d up as KC’s next big game experience with Power and Light opening
Sinkers Lounge is reinventing mini golf in the same way Top Golf reinvented the driving range, said Matt Baysinger. “With all the ideas we have in our heads about what mini golf is, I think Sinkers Lounge will far surpass that. Tabletop golf is this combination of shuffleboard, mini golf and pool that doesn’t quite…