Tropical Gyro given fundraising extension by Securities Commission
Tropical Gyro has been given another 30 days to allow more time for pledged money to be paid by interested investors, ArawakX said in a statement yesterday, on the eve of Tropical Gyro holding a ceremony for the imminent opening of its second location at RND Plaza, thanks to a successful crowdfunding round.
According to the statement, Tropical Gyro received more than $448,000 in pledges and the Securities Commission of The Bahamas has allowed the company more time for that money to be collected.
The company hoped to raise almost $900,000 as its top line goal, but it has gotten past its minimum funding goal of $320,000 through investments on ArawakX’s crowdfunding platform.
Co-founder of ArawakX, D’Arcy Rahming Jr. explained in the statement that $180,000 has been collected in actual cash.
He said ArawakX considers all pledges to be “serious” given that “no one would give up all of that information if they were not”.
“To pledge requires that persons fill out an application online and load up documents such as their passports and declare the amount they intend to pay,” Rahming said.
“After their account is approved, they are then sent payment options.”
Rahming added: “The good news for investors is that the commission has already recognized that enough cash has been raised to deem the raise successful, as the use of funds are sufficient for Tropical Gyro to be able to proceed with their first phase, a distribution center and a second location.”
The statement explained that Tropical Gyro has seen a 40 percent increase in sales since it began its crowdfunding journey.
The company’s owner Chef Kevin Culmer said in the statement that he is grateful for the commission allowing additional time for the pledged cash to be collected.
“We are in constant communication with ArawakX and we understand that they are doing everything in their power to convert more pledges to cash, so the other phases can be completed and more people can be financially included,” said Culmer.
“We will be able to employ 20 additional persons in our first phase and purchase more equipment and supplies.
“We have now selected an additional location in RND Plaza for our next store and our distribution center. I want investors to know that we are moving ahead in a positive way and to be assured that their investment will be put to good use.”