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
WATCH NOW: Kansas City Community Builders to Watch
Join Startland News for a celebratory broadcast that showcases the work of six local leaders with exceptional stories of community impact. This mid-day broadcast — streaming at 11:30 a.m. as part of Global Entrepreneurship Week (GEW) — features a musical performance by Golden Groves. This edition of Startland News Reports is presented in partnership with Fishtech Group.…
Demo day alert: 13 new Comeback KC Ventures fellows set for debut on GEW KC stage
The first crop of Comeback KC Ventures fellows — entrepreneurs offering solutions from healthtech and edtech products to sports evaluations and an animation academy emerging in response to COVID-19 — is expected to highlight more than a dozen companies Thursday during a GEW KC innovation showcase. “The demo day will allow early participants in the…
How Finotta emerged from 2020’s perils with a leap of faith, $3M investment banked
The through line of Parker Graham’s startup journey so far: resiliency. “People like to joke that cockroaches just don’t die,” laughed Graham, reflecting after his fintech company, Finotta — more pheonix rising than cockroach surviving — recently closed a $3 million seed funding round and completely changed the makeup of its team. “I feel like…
New in KC: Wichita-grown foodie whips up 4.5M TikTok, Youtube users with passion (and ramen) as her only guides
Editor’s note: New in KC is an ongoing profile series that highlights newly relocated members of the Kansas City startup community, their reasons for a change of scenery, and what they’ve found so far in KC. This series is sponsored by C2FO, a Leawood-based, global financial services company. Click here to read more New in KC profiles. Lisa Nguyen was five…