Business

Newest crowdfunding business raises $50,000 only hours after launching

Nassau Gas and Tanks is the latest company in The Bahamas to turn to crowdfunding to expand its business, already raising $50,000 in just a few hours after launching on the ArawakX platform yesterday.

The company’s owner Mark Newell hopes to raise $3 million at the upper end in order to purchase new tanks and gas.

The company’s low-end raise in order to be considered a successful crowdfunding round is only $150,000.

Each share is going for $11 with a minimum share purchase of $110.

Newell said during the launch that he expects 2023 to be a great year for the company.

“Now’s the time to take it to the next level coming out of this pandemic,” he said.

“We think it’s good timing. I see next year as being a boom year not just for gas, but all industries.”

Newell explained that he hopes to expand Nassau Gas and Tanks to some Family Islands, where he said there is no reliable way to get gas regularly.

In terms of using the raised funds to purchase gas, he said he hopes to lock in a two-year price in order to keep costs low.

He said in a promotional video that if the raise is successful, the company would hope to pay dividends immediately. It was explained that his stated dividend policy is to devote 50 percent of earnings to dividends.

ArawakX co-founder D’Arcy Rahming Jr. said yesterday during the launch that the crowdfunding platform has quickly become the new tool for existing companies to engage existing customers and “attract new ones in meaningful and impactful ways that has never before existed here”.

The other founder, D’Arcy Rahming Sr., said the platform is looking to list companies that have a lot of growth potential.

“We want to initially have companies that are already in operation, have a growth pattern and have high potential in their markets to grow and to succeed. What we have found is that’s what investors are asking us for.”

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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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