Crowdfunding platform ArawakX listed its latest company, Foot Care Rx, on its platform less than one week ago and the company has already met and surpassed its minimum fundraising goal with $173,860 pledged, according to a statement released yesterday by ArawakX.
The statement added that Tropical Gyros, which has one month of fundraising left of its 90 days, has surpassed its minimum fundraising goal of $320,000 through pledges of $351,509.
By press time yesterday, ArawakX’s website, which posts live updates, showed that Foot Care Rx had reached $224,460.
The newest addition to the ArawakX platform is developing a “series of community-based, affordable clinics using the latest medical technology for healthier feet. It adds that each of the clinics is expected to cost between $150,000 to $200,000 to build out and administer, and the company is hoping to raise $2 million at the top end to facilitate this.
Foot Care Rx Principal Dr. Daniel Johnson said in the statement that he is humbled by the support received on the funding platform so far.
“My initial motivation was simply to help my mom and her friends who were suffering from various foot ailments,” said Johnson.
“It’s humbling and it’s also an overwhelming show of support that we are deepening the ownership of Bahamian people in the economy by giving people an opportunity to invest in a health care company. Our goals are aligned with ArawakX and this is an indication of the success to come, which all of our investors will share in.”
The statement added that the medical company hopes to help reduce the number of diabetic amputations in this country by by 50 percent, through preventative treatments at the clinics that will be established.
The company also plans to franchise the model internationally.
ArawakX co-founder and company spokesperson, D’Arcy Rahming Jr., said the company is “delighted” by the progress of the fundraising thus far.
“We know the company is offering a service that is badly needed in the community and this is exactly how crowdfunding is intended to work,” said Rahming.
“We have shifted our focus to companies that you can go and see, sample their services and products. Equity crowdfunding was a missing part of the ecosystem that the public is widely embracing. We are now attempting to get institutional investors to become more active. These companies deserve our support and are already successful with customer demand.”