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
KC arts groups ‘left reeling’ after MO governor slashes millions from budget
Editor’s note: The following story was published by KCUR, Kansas City’s NPR member station, and a fellow member of the KC Media Collective. Click here to read the original story or here to sign up for KCUR’s email newsletter. Months after area arts and culture nonprofits saw a loss of funds from the National Endowment for the Arts, Gov. Mike…
Transportation company’s move to consolidated HQ expected to bring 250 workers to KC site
Consolidating five locations into a single, state-of-the-art Kansas City campus means Master’s Transportation — a leading provider of commercial buses and vans — will relocate 130 Missouri employees to its new headquarters, with plans to expand to 250 by the end of the year, the company said. “This expansion reflects the company’s rapid growth and…
Inspiration took him to a dark space; why ‘Macbeth KC’ creator wants to trap audiences in a world with no heroes
An immersive experience set in a post-apocalyptic world — the brainchild of Kansas City artist and designer Keyon Monte — transforms an iconic Shakespearean tragedy into a warped, high-fashion human drama staged within a downtown coworking space. “Macbeth KC” removes the polish and distance often seen in adaptations of William Shakespeare’s works, said Monte, describing…
Marma launches sister brand to fit weight loss support with women’s health needs
Weight loss support wasn’t originally in the plans for Marma — the only OB-GYN and registered dietician-approved nutrition platform for women during their reproductive years — shared co-founder Meredith McAllister. But with the rise of GLP-1 medications, she and co-founder Victoria Weber saw the opportunity for a nourishing, evidence-based approach to weight loss support. In…