{"id":16301,"date":"2024-06-05T10:24:27","date_gmt":"2024-06-05T15:24:27","guid":{"rendered":"https:\/\/thinkbigee.com\/?p=16301"},"modified":"2024-06-05T10:33:37","modified_gmt":"2024-06-05T15:33:37","slug":"development-bank-of-jamaica-dbj-invests-in-jamaicas-first-capital-fund-in-over-30-years","status":"publish","type":"post","link":"https:\/\/thinkbigee.com\/2024\/06\/05\/development-bank-of-jamaica-dbj-invests-in-jamaicas-first-capital-fund-in-over-30-years\/","title":{"rendered":"DEVELOPMENT BANK OF JAMAICA (DBJ) INVESTS IN JAMAICA&#8217;S FIRST CAPITAL FUND IN OVER 30 YEARS"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16301\" class=\"elementor elementor-16301\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0b96cae elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0b96cae\" data-element_type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f872868\" data-id=\"f872868\" data-element_type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap\">\r\n\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-305c693a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"305c693a\" data-element_type=\"section\">\r\n\t\t\r\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3c2c0d67\" data-id=\"3c2c0d67\" data-element_type=\"column\">\r\n\t\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0563889 elementor-widget__width-initial elementor-widget elementor-widget-porto_ultimate_heading\" data-id=\"0563889\" data-element_type=\"widget\" data-widget_type=\"porto_ultimate_heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"porto-u-heading  porto-u-5596 \"><div class=\"porto-u-sub-heading\" style=\"\"><p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 DEVELOPMENT BANK OF JAMAICA (DBJ) INVESTS IN JAMAICA'S FIRST\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 VENTURE CAPITAL FUND IN OVER 30 YEARS<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Focus to be on high-potential, early-stage Jamaican companies<\/p><\/div><style>.porto-u-5596.porto-u-heading{text-align:left}<\/style><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11229ed1 elementor-widget elementor-widget-text-editor\" data-id=\"11229ed1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><!-- wp:image {\"id\":16307,\"width\":\"676px\",\"height\":\"auto\",\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} --><\/p>\n<figure class=\"wp-block-image size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"668\" height=\"162\" class=\"wp-image-16307\" style=\"width: 676px; height: auto;\" src=\"https:\/\/thinkbigee.com\/wp-content\/uploads\/2024\/06\/DBJ-Mscale.png\" alt=\"\" srcset=\"https:\/\/thinkbigee.com\/wp-content\/uploads\/2024\/06\/DBJ-Mscale.png 668w, https:\/\/thinkbigee.com\/wp-content\/uploads\/2024\/06\/DBJ-Mscale-640x155.png 640w, https:\/\/thinkbigee.com\/wp-content\/uploads\/2024\/06\/DBJ-Mscale-400x97.png 400w\" sizes=\"(max-width: 668px) 100vw, 668px\" \/><\/figure>\n<p><!-- \/wp:image --><!-- wp:paragraph --><\/p>\n<p>Focus to be on high-potential, early-stage Jamaican companies.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Kingston, Jamaica &#8211; The Development Bank of Jamaica (DBJ) is pleased to announce its investment in Jamaica&#8217;s first Venture Capital Fund in over 30 years. This Fund will be managed by Mscale LLC (\u201cMscale\u201d), and this investment follows a rigorous \u2018Call for Proposal\u2019 that was issued by the DBJ in 2023.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Mscale is a Delaware-based management company, focused on venture and permanent capital advisory services. Ugo Ikemba serves as the Chief Executive Officer of Mscale and brings over 20 years of experience in venture capital and private equity expertise with a focus on early-stage companies. He has been involved in the raising and deployment of four (4) funds totalling over US$300M for deals in sectors such as technology, tourism, and hospitality, fintech, banking, building materials, agribusiness, logistics, and manufacturing.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>David Wan, Acting Managing Director, DBJ, in making the announcement, stated, \u201cThe investment in a VC Fund at this time is not only opportune but a welcomed addition to Jamaica\u2019s financial offerings to early-stage companies. The provision of alternative sources of financing for businesses outside of debt, is part of the DBJ\u2019s focus on ensuring economic growth and development for all Jamaicans. This VC fund is trailblazing for DBJ in that it fills a gap in our portfolio for equity investment into early-stage companies. Previous funding activities include innovation grants, supply chain grants, loans, and private equity for SMEs. This new Fund will expand the DBJ\u2019s suite of products, to underscore our mission to be a \u2018Business Builder\u2019 within our country.\u201d<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>The VC Fund\u2019s strategy and thesis will revolve around tech and tech-enabled firms focusing on four (4) key pillars \u2013 Financial Services; Entertainment; Agribusiness; and Health. The underlying sectors to the pillars include manufacturing; tourism; sports; retail; digital health; renewable energy; mobility; fintech; e-commerce; agritech; logistics; and business services. The Fund will employ technical assistance where necessary to enhance selected deals. The team consists of diverse professionals with strong track records in transactions in the Caribbean, Africa, and North America. Investments in firms will be in the form of equity and quasi-equity.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Christopher Brown, Programme Manager, BIGEE (Boosting Innovation Growth and Entrepreneurship Ecosystem), under whose portfolio the VC Fund is being established explains, \u201cThe Fund has achieved its first close at US$15.4M with seed funding of US$4.9M from the DBJ. The total capital is projected to grow to US$50 million, targeting investments in top early-stage firms across Jamaica and the Caribbean. These firms will offer high-demand products or services that can be easily accessed worldwide.\u201d<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>The close consisted of four (4) investors from the Caribbean and Africa. They are the DBJ; PanAfrican Capital Holdings; Jamaican investor and businessman Joseph M. Matalon, and Spaceship Collective (a company owned by Afrobeats global star Burna Boy). Mscale is confirming that the fund-raising process is ongoing.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>\u201cThe Mscale team is both humbled and honoured to have achieved its initial close with seed funding from the DBJ. We are focused and committed to intelligent investing through leveraging the team\u2019s deep local insight and global VC expertise. The positive macroeconomic conditions of Jamaica and other Caribbean countries coupled with the VC financing gap present an unprecedented opportunity to help the top tier early-stage firms scale into global champions\u201d stated Ugo Ikemba, CEO of Mscale.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>The Fund will commence operations in June 2024. For more details on the team and Fund strategy visit www.mscalellc.com<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph {\"align\":\"center\"} --><\/p>\n<p class=\"has-text-align-center\">-end-<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>ABOUT BIGEE \u2013 Boosting Innovation Growth &amp; Entrepreneurship Ecosystem \u2013 is the Government of Jamaica (GOJ) five-year project valued at US$25 million and financed by the Inter-American Development Bank (IDB). The Development Bank of Jamaica (DBJ) is the Executing Agency. The objective of BIGEE is to promote sustainable and robust growth among start-ups and Micro, Small and Medium Enterprises (MSMEs) in Jamaica. In 2022, the European Union (EU) awarded a non-reimbursable grant of US$8.2 million to expand the reach and impact of the initiative.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>The DBJ, a wholly owned institution of the GOJ has assumed a catalytic role for initiatives that have significantly impacted MSME development and expansion of the private capital markets over the years; this makes the institution a good fit to successfully implement the GOJ\u2019s and IDB\u2019s vision for the project.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>For further information, please contact:<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Mr. Christopher Brown\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Programme Manager BIGEE\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 cbrown@dbankjm.com\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Telephone: 876-929-4000\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 www.thinkbigee.com<\/p>\n<p><!-- \/wp:paragraph --><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/section>\r\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 DEVELOPMENT BANK OF JAMAICA (DBJ) INVESTS IN JAMAICA&#8217;S FIRST\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","cybocfi_hide_featured_image":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[19,47],"tags":[],"class_list":["post-16301","post","type-post","status-publish","format-standard","hentry","category-news","category-venture-capital-fund"],"featured_image_src":{"landsacpe":false,"list":false,"medium":false,"full":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - 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