05/06/2024
๐ Exciting News from the Development Bank of Jamaica! ๐
DBJ is thrilled to announce their investment in Jamaica's first Venture Capital Fund in over 30 years, aimed at high-potential, early-stage Jamaican companies. ๐
Huge shout out to Ugo Ikemba, CEO of Mscale LLC, for his tireless efforts and keeping everyone focused until we closed. ๐ This is a historical moment for all of us.
I am giving a very special thanks to PAC Capital's belief in this groundbreaking investment. We couldn't have finished strong without your support. ๐ค
Starting with an initial close at $15M, this $50M fund will target tech and tech-enabled firms in Financial Services, Entertainment, Agribusiness, and Health, driving innovation and economic growth in Jamaica and the Caribbean.
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).
The fund raising process is on-going. For more details, visit www.mscalellc.com
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