Caribbean Venture Capital Fund (CVCF), a newly established VC fund backed by the Development Bank of Jamaica, has received approval from its Investment Committee to acquire a stake in Doorstep Jamaica Limited.
Managed by CMGP LLC, a subsidiary of Mscale LLC, CVCF focuses on early-stage, scalable businesses and operates as a $50 million fund set to close to investors by May 2025.
Doorstep, a fast-growing online delivery service, will use this investment to accelerate its expansion within Jamaica, the wider Caribbean, Latin America, and eventually Africa.
The funding will support Doorstep in enhancing its platform, scaling operations, and expanding its services. Beyond food delivery, the company plans to introduce grocery, medicine, and essential item deliveries, catering to local customers and fulfilling orders for Jamaicans living abroad.
The Fund Manager is a Delaware-based venture capital firm specializing in high-growth investments. Its investors include Pan African Capital Holdings, businessman Joseph Matalon, and African music star Burna Boy.
Mscale adopts a hands-on approach, supporting entrepreneurs through its network and its Business Innovation and Growth (BIG) portal, which leverages artificial intelligence and venture capital expertise to identify promising startups.
Led by Ugo Ikemba, the Fund primarily invests in technology and climate sectors, targeting large addressable markets in Jamaica, the Caribbean, and beyond.
Victor Clemetson (CEO) and Javed Cameron (COO) have been active in the delivery industry for a decade. They launched Doorstep in 2018, experiencing rapid growth during the pandemic. The company has a solid organizational structure and benefits from an advisory board with deep expertise in the Jamaican market. Doorstep’s strategy focuses on both vertical and horizontal expansion, aiming to increase daily deliveries while diversifying its service offerings.