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
Arts summit’s three-year move to KC celebrates flyover country creatives (and the entrepreneurs who make it)
Great art stands on its own merits, said Diane Scott, but if the artist behind a piece can’t or doesn’t sell their vision to the world, their expression hasn’t achieved its goal. “Nobody makes art to not share it with other people,” added Scott, director of artist services for the Kansas-City based Mid-America Arts Alliance,…
How this ‘Hallmark town’ gets its country charm from a Main Street serial entrepreneur
Editor’s note: The following story was produced through a paid partnership with MOSourceLink, which boasts a mission to help entrepreneurs and small businesses across the state of Missouri grow and succeed by providing free, easy access to the help they need — when they need it. WARSAW, Mo. — Owning her own boutique — and…
Landlord insurance startup using $30M round to invest in KC team; here’s where its hiring
An eight-figure funding injection is expected to allow Steadily to fuel growth in its greatest asset: talent, shared OverlandPark-based co-founder and COO Datha Santomieri. On Wednesday, the landlord insurance startup — with headquarters in Overland Park and Austin, Texas — announced a $30 million Series C round led by Two Sigma Ventures with participation from…
Community honors ‘relentless storm’ of Chicano culture (starting with its unsung women)
An emotional celebration of Chicana women leaders, artists, and advocates earlier this month centered on honoring resilience and reclaiming identity — something Deanna Muñoz once felt pressured to hide. “I used to shrink myself,” said Muñoz, founder of the Chicano Center for the Arts and the first-ever ¡Viva La Chicana! Awards. “To fit in, to…