Doorstep Jamaica, the food delivery service formerly known as Cutdiline, has sold a stake to Caribbean Venture Capital Fund, which includes Burna Boy as a minority owner. The investment aims to help Doorstep scale its operations and expand its services. The company will also enhance its online platform and diversify services to meet community needs.
Doorstep Jamaica, formerly known as Cutdiline, has sold a stake to Caribbean Venture Capital Fund (CVCF), which includes minority ownership by Afrobeats star Burna Boy. While the financial details remain undisclosed, this investment will enhance operational efficiencies and promote significant growth across Jamaica, the Caribbean, Latin America, and potentially Africa.
DBJ noted that this funding will improve Doorstep’s existing platform to facilitate faster growth. CVCF, based in Kingston, is partially backed by the Development Bank of Jamaica, which implies future financial support contingent on performance targets being achieved.
Founded in 2018 under CEO Victor Clemetson, Doorstep collaborates with local drivers to provide food delivery services. The new investment will allow the company to refine its platform and diversify its offerings to include grocery and medicine deliveries, which cater to both locals and Jamaicans abroad.
Current data from Google Trends indicates that Doorstep ranks third among food delivery services in Jamaica, trailing 7Krave and QuickCart. Despite the rebranding, Cutdiline still possesses greater brand recognition than Doorstep.
CVCF, a $50 million fund managed by Mscale LLC’s Ugo Ikemba, targets scalable, early-stage ventures. Its investor base also includes DBJ, Pan African Capital Holdings, businessman Joseph Matalon, and Burna Boy. The fund will conclude its capital-raising efforts in May 2025.
The Caribbean Venture Capital Fund’s investment in Doorstep Jamaica reflects a strategic move to capitalize on the growing demand for efficient food delivery services in Jamaica and beyond. By acquiring a stake in an innovative company like Doorstep, CVCF and its investors aim to leverage the evolving landscape of on-demand delivery solutions. The rapid growth of food delivery apps exemplifies the increasing trend in consumer preferences for convenience, particularly within urban areas.
The investment by the Caribbean Venture Capital Fund in Doorstep Jamaica positions the company for enhanced growth in food delivery services. With plans to diversify its offerings and expand its geographical reach, Doorstep aims to meet the demands of both local customers and those living abroad. As a competitive player in the Jamaican market, Doorstep’s future looks promising with the new financial backing, which may pave the way for further investments.
Original Source: jamaica-gleaner.com
