ArawakX hopes to bring 12 new businesses to investors before the end of the summer, the company’s Chief Technology Officer D’Arcy Rahming Jr. told Guardian Business, explaining that perspective investors continue to trickle onto their platform waiting for new companies.
ArawakX launched its fourth investable company, Tropical Gyros, on Tuesday. The company reached 30 percent of its minimum raise requirement in only eight hours, prompting ArawakX executives to contend the company could become funded before its 90-day cut-off period is over.
Only one of the three companies launched on ArawakX’s platform thus far has been funded.
Last year, Red Lobster Bahamas was successful in raising capital to open an operation in The Bahamas and then begin expansion into the Caribbean.
A dozen companies are on the waiting list to be crowdfunded through ArawakX, Rahming explained, adding that the company’s web platform has been revamped in order to make it easier for investors to sink money into these local companies.
“We redesigned the architecture, in the background we redesigned it so we can be more responsive to people, said Rahming.
“We’ve streamlined that
process and that now ties more readily into our back-end process. So the front end ties directly to the back end.
“What you’ll see is we’re able to make spot adjustments to the website as things go.”
ArawakX launched its first companies late last year. Rahming contends the fledgling exchange is continually “learning from the market”.
He explained that the revamped platform now allows the company to quickly evolve as it learns and grows.
Rahming also explained that companies listed on the ArawakX platform have already benefited from foreign investment, something he said the platform was built for.
“It was always intended to allow the Bahamian entrepreneur to tap into foreign direct investment,” said Rahming.
“So we’re trying to live up to the spirit of that, and we firmly believe in that because investors just care about a return on investment and they would love to be able to invest in their own back yard.”
He said he hopes to bring 50 to 100 companies to the market as a start.