Business

ArawakX set to bring 12 more firms to its crowdfunding platform

ArawakX is set to soon bring 12 more companies to its crowdfunding platform, the company’s Chief Technology Officer D’Arcy Rahming Jr. said yesterday, explaining that the documentation for the companies is currently with the Securities Commission of The Bahamas.

Only one of the companies of the three first to be listed on ArawakX’s platform met its minimum funding price.

Red Lobster Bahamas was successful in raising more than $2 million on the platform.

Rahming said while the other companies were not successful in meeting their minimum raise, it’s not an indictment on the companies.

“We had one success and we learned a lot about why it was successful, versus why the other ones weren’t taken up like we thought they would be,” said Rahming.  

“And it’s not because the ideas themselves were 

rejected, but it was the way it was structured, the way the timing of certain things were, some of the legalese.”

He explained that the idea of ArawakX is also still very new to the Bahamian public and there needs to be more education around crowdfunding.

Rahming said in the time between the closing of the listings for the first three companies and today, ArawakX has made adjustments to the way it operates its platform and has taken time to work on the platform itself.

With 12 new companies waiting to be listed for investors to take up shares, Rahming gave the assurance that there is a market and demand for new companies being brought to the platform.

He added that some of the unsuccessful companies will surely be back to the platform to try again. 

Those who invested in the companies that were unsuccessful at the end of their listing period had their investment funds returned.

Rahming is confident that there will be something for everyone to invest in with the new group of companies to be listed.

“You’ll see in these next 12 companies more diversity in the industries, so that people can pick and invest in things that they understand,” he said.

According to Rahming, more than 7,000 people have signed up to use the platform to invest.

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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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