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
PlaBook to compete for $1M in prizes at world’s largest pitch competition for edtech startups
Fresh off its selection to Pipeline’s latest fellowship, a Kansas City edtech startup is now set to compete at The Elite 200 as a semifinalist in The GSV Cup — representing top pre-seed and seed stage startups in digital learning across the “Pre-K to Gray” space. KC-based PlaBook is set to vie for $1 million…
C2FO closes $140M funding round amid record growth, expanded focus on underserved companies
Editor’s note: C2FO is a financial supporter of Startland News’ nonprofit newsroom. Kansas City fintech powerhouse C2FO grows best when it’s accelerating access to capital for those traditionally underserved by the banking industry, said Sandy Kemper, announcing a $140 million funding round for the Leawood-based company. Led by Third Point Ventures — a multi-stage investor…
Joining 500 Global’s Japanese accelerator will test KC proptech startup’s market fit for Asian expansion
Access to acceleration has been unlocked, David Biga said, announcing Particle Space has joined a newly launched accelerator program from 500 Global that could give rise to a fully functioning startup ecosystem in Aichi, Japan — while helping the startup further realize its own potential. “One of the things we’ve been exploring with our API services…
Accelerator taps first 7 startups to help bring KC back from the edge of global health crisis
Seven Kansas City tech startups have taken the leap to launch new technologies and startups in response to challenges posed by COVID-19 — and have received technical and financial assistance through Comeback KC Ventures to accelerate their efforts. “These innovations were conceived after two years of the coronavirus pandemic revealed and ignited a need for…