Another African Bitcoin company backed by Jack Dorsey completes its fundraising round

Recursive Capital’s Fund I, backed by investors like Jack Dorsey, aims to support African Bitcoin start-up companies, focusing on infrastructure, mining, and cutting-edge technologies. The fund has already invested in several companies and plans to expand Bitcoin innovation across the continent.

Recursive Capital, a venture capital firm focusing on investing in Bitcoin companies across Africa, has successfully closed the first round of its Fund I.

The fund had strong support from major investors, including Jack Dorsey, Chairman 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 and Founding Partner at Ego Death Capital.

Recursive Capital secures fund I to support African Bitcoin startups

The firm aims to back early-stage startups in Africa, using the continent’s financial needs to fulfill Bitcoin innovations. Recursive Capital believes that Africa, with its strong economy, could guide the world in Bitcoin development.

Abubakar Nur Khalil, the CEO of Recursive Capital and a Nigerian Bitcoin contributor stressed that Fund I’s goal is to build a strong Bitcoin ecosystem in Africa that will set the stage for global innovation and contribute to the growth of the Bitcoin sector.

Nur Khalil also serves as the interim CEO of ₿ Trust, funded by Jay-Z and Jack Dorsey to support African Bitcoin developers.

As Fund I will primarily focus on backing African Bitcoin infrastructure ventures, mining operations, and companies developing commercial products like exchanges and wallets.

Additionally, the fund will also support firms working on cutting-edge technologies such as the Lightning Network and Fedimint protocols that invest equity capital, with average investments ranging between $50,000 and $100,000 per company, to avoid tokenized securities or other alternative funding structures.

Investing in African Bitcoin companies and mining

Since its launch, Recursive Capital has already invested in several African companies, including Bitnob, which offers Bitcoin-based financial services; Fedi, a platform facilitating collaborative Bitcoin custody; and Synota, which streamlines utility payments through the Lightning Network.

Jack Dorsey has supported African Bitcoin adoption and has been actively involved in the African Bitcoin ecosystem. He spoke at the inaugural African Bitcoin Conference in Ghana in 2022 and is scheduled to speak again at the upcoming conference in Kenya.

In the coming year, Recursive Capital plans to launch Recursive Labs, an initiative to mentor and guide portfolio companies with strategic insights.

The firm also plans to expand its investments in Bitcoin mining by considering Africa’s excessive renewable energy. In a long term, Recursive Capital aims to become the leading venture capital firm for African Bitcoin innovation, and as a global leader in Bitcoin development.

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