Business

ArawakX opens first international office

A little more than a month after launching its first investable companies, ArawakX has opened its first international office in Silicon Valley, California, with plans to soon open another in Miami and expand the brand into the Caribbean, the company said in a press statement.

ArawakX’s Chief Technology Officer D’Arcy Rahming Jr. said in the statement that the new office will facilitate the development of investors and expand the issuer ecosystem.

“Silicon Valley is recognized as a worldwide center for innovation and raising capital,” Rahming said.

“Just six percent of startups are funded in the US market. ArawakX believes there are many innovative, high-growth startups that are missed by the venture capital community. Nearshore investing in The Bahamas will help find the capital these companies need to accelerate growth and fill this important funding gap.”

According to the statement, the new office will be headed by Doug Kryzan who has been appointed chief of international operations.

Kryzan is the chief executive officer of CloudPro and has been an executive in Silicon Valley for more than 20 years.

“Doug began his career at Hewlett-Packard where he helped the company achieve a leadership position as the brand of choice among Fortune 500 enterprise businesses and professionals,” the statement read.

Rahming added: “Doug has been instrumental in integrating our technology platform and positioning the brand of the ArawakX internationally.”

ArawakX is The Bahamas’ first crowdfunding exchange, and it introduced its first two companies to the market last month.

In August, Red Lobster Bahamas and Bahama Myfi, collectively representing $5 million in share offerings, were added to the platform for Bahamians to begin investing in.

Red Lobster Bahamas is hoping to raise $2.7 million and has a minimum price per share offering of $25, while Bahama Myfi is hoping to raise $1.8 million, and began its per share offering at $16.

“We wanted to launch first with Bahamian companies to show that we could participate both as business owners and investors,” said Rahming.

“But the demand from international companies to nearshore in The Bahamas is increasing. We intend to turn The Bahamas into a world-renowned financial center where startups can raise early-stage funding.”

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Chester Robards

Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian. Education: Florida International University, BS in Journalism

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