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
Related Posts on Startland News
Techstars arrival: Find that ‘ride or die’ investor who answers your 3 am calls, founder says
Even in a startup’s early stages, founders need both a roadmap and destination, said Zerryn Gines. “You don’t need to know exactly what you’re doing every step of the way, but if you know where you want to go — then you can connect to the right people and ask the right questions,” explained Gines,…
New in KC: How two OU alumni secured over $1M from NASA, US Air Force for 3D printing startup
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. Replicating the founding…
Flyover Capital closes its Tech Fund II over $60M, targeting new seed, post-seed startups
Tech startups raising seed and post-seed funding will benefit most from the close of Flyover Capital Fund II, the venture capital firm said, announcing Thursday its oversubscribed close. “The oversubscribed fund brings Flyover Capital’s total assets under management to approximately $110 million,” the Overland Park-based venture capital firm said in a release, outlining plans for…
It’s ‘Teacher Appreciation Year’ as blooom launches 12 months of free services for educators
After an especially difficult year for teachers — navigating safety protocols and virtual classrooms, among other pandemic challenges — a Kansas City startup plans to offer its finance and retirement services free to educators for 12 months and at any price level, said Chris Costello. “Many [traditional] plans are needlessly expensive and complicated, which is why…