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
It’s a ‘movement, not just a moment’; H&R Block audits impact of Black excellence, businesses
Reading is among the best way to learn about Black history, said Willa Robinson, the founder and owner of Willa’s Books & Vinyl. “I’m grateful to be able to educate people about what’s going on in the Black community through books. There’s so much history on what we have experienced, what we have accomplished,” said…
Final capital push expected to bring $13M rebuild to Troost, replacing building held together by ‘duct tape, plaster, and prayer’
Decades of dreaming are coming to an end, said Father Justin Mathews, announcing the final phase of a $13 million capital campaign that’s expected to realize a long-held plan to magnify the impact of Reconciliation Services. “We’ve been in the building since 1987 — and its been held together with duct tape, plaster, and prayer,” Mathews,…
Trees might fall, but this duo’s salvaged, custom hardwood pieces are crafted to stand the test of time
Jay Norris and Nick Bianco witnessed an unexpected sight when dropping off debris from the remodel of their KCK warehouse — a discovery that would add new rings of life to their budding custom hardwoods business. “We see a bulldozer pushing trees into the dump, and we were like, ‘What the heck is going on over…
New bobblehead set replicates one of KC’s most iconic museum experiences for Black History Month
A new collection of bobbleheads is calling attention to the impact made by legends of the Negro Leagues — and offering fans and local enthusiasts the opportunity to recreate a Kansas City historical attraction at home. “These are the first bobbleheads to replicate the iconic Field of Legends,” explained Phil Sklar, co-founder and CEO of the…