The investment fund for African Bitcoin startups secures funding from key industry figures.
On November 29, Recursive Capital, a venture capital firm specializing in Bitcoin investments across the African continent, announced the completion of its first capital-raising round (Fund I).
Among the main backers are Jack Dorsey, CEO of Block, Peter L. Briger Jr., former Goldman Sachs partner and chairman of Fortress Investment Group, and Jeff Booth, author of The Price of Tomorrow.
The fund, led by Nigerian CEO Abubakar Nur Khalil, will focus on three strategic areas: companies developing commercial products such as wallets or exchanges, mining operations with a focus on renewable energy, and innovative technologies like the Lightning Network. Investments, ranging from $50,000 to $100,000 per portfolio company, aim to build a robust Bitcoin ecosystem in Africa.
Nur Khalil, who also serves as interim CEO of ₿Trust, a non-profit organization funded by Jay-Z and Jack Dorsey that supports African Bitcoin developers, stated:
“The focus of Fund I is to lay the foundations for a thriving Bitcoin ecosystem in Africa that will lead the world in innovation, growth, and impact.”
Recursive Capital has already invested in several ventures, including Bitnob, Fedi, and Synota. Next year, the company plans to launch Recursive Labs, a mentorship initiative for its portfolio companies.
