Business

First two companies now available on ArawakX for crowdfunding

The first two companies are now available for crowdfunding on ArawakX’s platform, after the companies’ chief executive officers rang the bell yesterday morning signifying their companies were now available to invest in.

The two companies, Red Lobster Bahamas and Bahama Myfi, collectively represent $5 million in share offerings on the country’s first crowdfunding platform.

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

Chairman and Chief Executive Officer of ArawakX D’Arcy Rahming Sr. said that the onboarding of these companies now opens The Bahamas up to becoming a nearshore center for 

companies, given that the regulatory environment has been set and is now in use.

“With all of the wonderful rules and laws that have been set for us, now the part of the ecosystem that was missing, the capital raise, will ensure that we move from an offshore center to a nearshore center where companies can come, both local as well as international, and raise capital,” said 

“The best part of it is the people who live here can participate for as little as $25.”

ArawakX’s Chief Technology Officer D’Arcy Rahming Jr. said during the launch that many Bahamian businesses “die on the grapevine” because they fail to attract funding. He said now that the platform is fully live, potential investors are able to become fully onboarded by submitting their know your client (KYC) documents, browsing companies’ offering documents and invest.

Acting Financial Secretary Marlon Johnson brought remarks at the platform’s opening event and contended that ArawakX’s platform will help the country to become an easier place to do business and allow “Bahamian entrepreneurs to build their dreams”.

Bahama Myfi Chief Executive Officer Marcian Cash said the crowdfunding and investment in his company will create wealth and opportunities for Bahamians that have not yet been seen.

“Crowdfunding will answer once and for all a lot of haunting questions we all have had for so long. Where will my children work? Where are the opportunities coming from? How do we stop the brain drain? How do I secure my future for my retirement and my family?” 

He said his company, which was started in 2017, took many years to be ready for this funding round and fulfills a dream of not having to rely on commercial banking and foreign investment.

Bahama Myfi utilizes augmented reality to create a tourism experience, Cash said. The company’s proprietary application allows for the monetization of Bahamian art and culture.

Chief Executive Officer of Pinnacle Franchise Brands / Red Lobster Bahamas Christopher Mortimer said ArawakX is something the country has “needed so desperately for such a long period of time”. 

He said crowdfunding represents an opportunity for his company to connect with anyone who wants to be part of Red Lobster.

“A day like this is special to me because normally an opportunity like this, banks will be the ones to benefit or certain individuals would benefit, but the beauty about today is Bahamians far and wide are going to be able to benefit financially,” Mortimer said.

Red lobster is slated to open its doors in the first quarter of 2022 and expand into the wider Caribbean.

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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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