

Caribbean Venture Capital Fund (CVCF), a new venture capital fund facilitated by the Development Bank of Jamaica, has received approval from its investment committee to acquire a stake in Doorstep Jamaica Limited.
CVCF is managed by CMGP LLC, a subsidiary of Mscale LLC, which focuses on early-stage scalable businesses. The US$50-million fund is aiming to finalise the transaction in May of 2025.

Headquartered in Delaware, United States, Mscale LLC specialises in investing in high-growth companies, taking a hands-on approach to supporting entrepreneurs through its network and its Business Innovation and Growth (BIG) portal which uses artificial intelligence and its venture capital expertise to identify promising start-ups.
Led by Ugo Ikemba, CVCF focuses its investments in technology and climate sectors, targeting large addressable markets in Jamaica, the Caribbean, and beyond. Investors include Pan African Capital Holdings (an asset management company), Jamaican businessman Joseph Matalon, and African music giant Burna Boy.

With this injection of capital, Doorstep will implement a business strategy that includes both vertical and horizontal expansion, focusing on increasing daily deliveries and broadening its service offerings.
According to the Development Bank of Jamaica, “This funding will help Doorstep enhance its platform, scale operations, and diversify its services to meet the growing demands of customers across the region. In addition to food delivery, Doorstep plans to broaden its service offerings to include the delivery of groceries, medicines, and other essential services, addressing the needs of locals and fulfilling orders for Jamaicans living abroad.”

Doorstep is a rapidly growing online delivery service. This investment is aimed at accelerating Doorstep’s expansion within Jamaica, the Caribbean, Latin America, and eventually Africa.
The company’s leadership team of Victor Clemetson (CEO) and Javed Cameron (COO) have been in the delivery space for a decade, founding Doorstep in 2018 and growing the business rapidly during the pandemic. Having a strong organisational structure, Doorstep is supported by an advisory board with extensive experience in the Jamaican market.
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