Caribbean venture capital fund invests in Jamaican delivery service, Doorstep

The Caribbean Venture Capital Fund (CVCF), managed by CMGP LLC, a subsidiary of Mscale LLC, has announced its investment in Doorstep Jamaica Limited, a rapidly growing online delivery service. The investment, which aims to accelerate Doorstep’s expansion across Jamaica, the Caribbean, Latin America, and Africa, marks a significant milestone for the CVCF, which focuses on early-stage scalable businesses.

Doorstep, founded in 2018 by Victor Clemetson and Javed Cameron, has experienced rapid growth during the pandemic. The company plans to utilize the funding to enhance its platform, scale operations, and diversify its services to meet the growing demands of customers across the region.

“Doorstep is an excellent example of a scalable business with a strong organizational structure and a clear expansion strategy,” said Ugo Ikemba, Managing Partner of Mscale LLC, the fund manager of CVCF. “We believe that our investment will help Doorstep achieve its growth objectives and create value for its customers and stakeholders.”

The CVCF, a $50 million fund, is backed by prominent investors, including Pan African Capital Holdings, businessman Joseph Matalon, and African music giant, Burna Boy. The fund focuses on investing in high-growth companies in the technology and climate sectors, targeting large addressable markets in Jamaica, the Caribbean, and beyond.

With this investment, Doorstep joins the CVCF’s portfolio of innovative companies poised for growth and expansion. As the CVCF continues to support entrepreneurs and startups in the region, it is clear that the fund is playing a critical role in shaping the Caribbean’s entrepreneurial ecosystem.