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
Fund Me, KC: Maker of first girls wrestling shoe launches new feat — a pair for the champions
Startland News is continuing its “Fund Me, KC” series to highlight area entrepreneurs’ efforts to accelerate their businesses or lend a helping hand to others. This is an opportunity for business owners and innovators — like Kansas City’s Deb North and the newly launched Champion1 girls wrestling shoe — to share their crowdfunding stories and…
UMKC unveils innovation studio, inviting students, entrepreneurs to collaborate within $32M research center
In a hiring environment where college graduates are expected to possess honed skills for even entry-level positions, a state-of-the-art innovation studio in the heart of Kansas City allows students access to technology to actually build products within their chosen professions. “We have never had a facility like this — with the diversity of equipment and…
An absent-minded workplace gaffe, a nationwide Starbucks controversy; why the CEO ‘leadership jersey’ demands fearlessness on diversity, inclusion
Editor’s note: The following story is sponsored by Morgan Stanley, a New York-based multinational investment bank and financial services company, and is a follow-up to this summer’s “Nothing to Fear” virtual panel discussion on diversity and inclusion efforts. The conversation was led by Carla Harris, vice chairman and managing director at Morgan Stanley, with moderator Channa…
Fulcrum herds oversubscribed $13.2M round for KC cattle tech startup with KCRise Fund, iiM in the corral
A Kansas City-based precision livestock company will use its fresh Series A funding harvest to accelerate genetic progress and sustainably deliver more protein with fewer inputs, its top executive announced Tuesday. “Our mission is clear, and we are grateful for the support of our investors who join us on our journey to ensure meat and…