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
Kansas City-made fitness apps flex tactics to monetize training’s trend toward tech
Jake Heyen’s Fitic exercises its potential at the intersection of pandemic-pumped fitness and influencer marketing industries, the Kansas City founder said, detailing the intertwined world of fitness-minded consumers and content creators. “We love the fact that we sit within two industries that are poised for explosive growth going forward,” said Heyen, who also serves as…
Exit to watch: Top startup LaborChart sells in a deal under construction for generations
LaborChart, one of Kansas City’s leading startups, has sold to a California-based giant in construction management — a deal that proves hard work and determination pay off, its founder said. The startup was sold to Procore Technologies, the companies announced Friday, noting in a release the deal is expected to further innovate the world of construction…
Bearded Fellas shave away ‘just a doll’ — leaving the beauty of everyday magic, people
Ali Bustos didn’t even know how to sew when she was gifted a sewing machine by her parents in 2008. More preoccupied with painting at the time, the machine sat mostly unused. But when her first son was born, it was difficult to paint with a wiggly baby in her arms, she said. Her yearning…
Storytelling startup rewrites the pandemic narrative, scaling into new success, downtown space
Editor’s note: The following story — a spotlight on a member of the Plexpod community — is sponsored by Plexpod, a progressive coworking platform offering next generation workspace for entrepreneurs, startups, and growth-stage companies of all sizes. Stories are powerful, Jeff Short said, recalling ways his storytelling startup, Overflow, has worked to help Kansas Citians harness…