A young entrepreneur is set to launch a local equity crowdfunding platform called ArawakX, that will allow Bahamians to participate as part owners in small and medium-sized businesses over a regulated online platform.
A press statement about the platform explained that D’Arcy Rahming Jr. saw a need to bridge the $180 million funding gap that has become a hurdle for new entrepreneurs.
Rahming said in the statement that the country’s economic woes stem from a deficit in funding for small and medium-sized businesses.
“I realized that the answer to many of our economic woes was based on the attention and resources that must be given to small and medium-sized businesses, both in capital and in structure,” Rahming said.
“I attempted several businesses but always seemed to be capital constrained. It was then I noticed that several of my contemporaries with brilliant ideas and good work ethic were either underemployed or had never returned to The Bahamas because of the lack of capital to develop their ideas.
“This platform is intended to give every person a chance to participate as a part owner through shares. We are working with several firms and intend to be the platform of choice bringing multiple investors together with multiple, properly structured companies through mobile technology.”
According to the press statement, Rahming has already begun to educate the business community and school-aged kids about the platform and how crowdfunding works.
Rahming has worked for several years as a small business management consultant, assisting with business plans, accounting, social media and various information technology projects.
Now he has put his backing into his new crowdfunding venture.
“Financial seminars for investors were held at the University of The Bahamas and private and public schools,” the statement noted. “Rahming also developed a free online investment class called the Intelligent Bahamian Investor at invest242.com. Several hundred persons and firms have been registered. The education was the first phase in preparation of the launch of the ArawakX fintech platform. ArawakX is short for Arawak Exchange.”
The company has offices in Sandyport and will have as its first client the Bahamas Olympic Museum.