The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A Bahamian crowdfunding platform yesterday disclosed it is preparing to bring another 12 companies to market within the next three months following what it described as a six-month “retool”.

D’Arcy Rahming Snr, ArawakX’s chief executive, told Tribune Business it had learned several lessons from the initial four companies presented as equity investment opportunities, only one of which, the Red Lobster restaurant franchise, raised its target capital sum.

He indicated that one such lesson was for the company involved, or its principals, to have an established track record as successful businesses and/or entrepreneurs to give Bahamians confidence that their investment will generate returns. Red Lobster’s principal was Chris Mortimer, the Galleria Cinemas and Outback Steakhouse chief, although both those ventures closed after the crowdfunding.

Mr Rahming said: “One of the lessons learned from the past six months is that the public needs to have a company that is ongoing, that has a track record first, before they get to the angel investors, which may be more experimental.”

The three other companies brought to market by ArawakX closed out their respective crowdfunding periods without raising the minimum sum sought, something Mr Rahming believes will change once the platform focuses on companies that have a recognisable track record and show organisational strength.

Mr Rahming added: “The Red Lobster franchise was very successful because everybody knows Red Lobster, and the operators have operated restaurants before, so people can make that jump. But we had two other fantastic companies that didn’t fund because the market wasn’t mature enough to give them a chance.”

Focusing on Tropical Gyros, the latest entity to seek crowdfunding investors via ArawakX, Mr Rahming said: “We have with us a fantastic story. An engineer of cuisine who has started with humble beginnings, and is about to launch an international brand right here. The exciting thing is you can be a part of it.

“This is what ArawakX is about. It’s about revealing these fantastic entrepreneurs that are out there and helping them to get their best selves on the world stagem and to get organised to the point where you can participate in their growth.”

ArawakX has also redesigned its website to make it more “user friendly” and easier for persons to use. The website now enables potential investors to go directly to a targeted company, click ‘invest’ and begin that process. The upgrades to the website are still ongoing with new architectural features to be uploaded soon.