DBJ invests in first venture capital fund in 30 years

The Development Bank of Jamaica (DBJ) has invested in Jamaica's first Venture Capital Fund in more than 30 years.
In a release, the DBJ says the fund will be overseen by Delaware-based management company Mscale LLC.
Venture capital is a form of private equity financing that is provided by venture capital firms or individual investors to startups and small businesses they expect to have long-term growth potential.
Acting Managing Director at the DBJ, David Wan, says "the provision of alternative sources of financing for businesses outside of debt, is part of the DBJ's focus on ensuring economic growth and development for all Jamaicans".
The DBJ says the Venture Capital Fund will focus on tech and tech-enabled firms, with four key pillars: Financial Services, Entertainment, Agribusiness and Health.
Seed funding in the facility is so far close at US$15 million, with US$4.9 million from the DBJ.
Other investors include PanAfrican Capital Holdings, Jamaican investor and businessman Joseph M. Matalon, and Spaceship Collective (a company owned by Afrobeats singer Burna Boy).
The total capital is projected to grow to US$50 million, targeting investments in top early-stage firms across Jamaica and the Caribbean.

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