An Africa based company, which focuses on advancing Bitcoin adoption and blockchain-based financial solutions across the continent, announced the successful completion of its latest fundraising round. With support from Jack Dorsey, the former Twitter CEO and prominent Bitcoin advocate, the company aims to expand its reach, develop innovative solutions, and address challenges such as financial inclusion and remittance efficiency in the region.
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The fundraising round attracted a mix of global and local investors, highlighting growing interest in Africa’s burgeoning crypto economy. The funds are expected to be used for infrastructure development, educational initiatives, and partnerships to foster greater adoption of Bitcoin and decentralized financial technologies.
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Recursive Capital, a venture capital firm dedicated to investing in Bitcoin enterprises throughout Africa, has successfully completed the initial round of its Fund I.
This fund has garnered significant backing from prominent investors, such as Jack Dorsey, the Chairman of Block; Peter L. Briger Jr., a former partner at Goldman Sachs and the Chairman of Fortress Investment Group; and Jeff Booth, the author of The Price of Tomorrow and a Founding Partner at Ego Death Capital.
Recursive Capital Launches Fund I to Back African Bitcoin Startups
The firm seeks to support early-stage startups across Africa, leveraging the continent’s unique financial challenges to drive Bitcoin innovation. Recursive Capital envisions Africa, with its dynamic and growing economy, as a potential leader in global Bitcoin development.
Abubakar Nur Khalil, CEO of Recursive Capital and a prominent Nigerian Bitcoin contributor, emphasized that the purpose of Fund I is to establish a robust Bitcoin ecosystem in Africa. This initiative aims to lay the foundation for groundbreaking advancements and contribute significantly to the global growth of the Bitcoin industry.
Nur Khalil’s Leadership and Fund I’s Focus
Nur Khalil, who also serves as the interim CEO of ₿ Trust—a Bitcoin initiative funded by Jay-Z and Jack Dorsey to empower African developers—is leading Recursive Capital’s efforts to transform the continent’s Bitcoin ecosystem.
Fund I is primarily focused on supporting African Bitcoin infrastructure projects, mining operations, and companies creating commercial products such as exchanges and wallets. Additionally, it aims to back firms working on advanced technologies like the Lightning Network and Fedimint protocols. The fund provides equity investments ranging from $50,000 to $100,000 per company, intentionally steering clear of tokenized securities or alternative funding structures.
Investing in African Bitcoin Companies and Mining
Since its inception, Recursive Capital has already invested in notable African Bitcoin companies. These include Bitnob, which offers Bitcoin-based financial services; Fedi, a platform for collaborative Bitcoin custody; and Synota, which uses the Lightning Network to streamline utility payments.
Jack Dorsey has been a vocal advocate for African Bitcoin adoption and an active participant in the region’s crypto ecosystem. He spoke at the first African Bitcoin Conference in Ghana in 2022 and is slated to speak again at the upcoming conference in Kenya.
Looking ahead, Recursive Capital plans to launch Recursive Labs, an initiative aimed at mentoring and guiding portfolio companies with strategic insights to foster their growth and success.
The firm also intends to expand its investments in Bitcoin mining by leveraging Africa’s abundant renewable energy resources. In the long term, Recursive Capital aspires to become the leading venture capital firm for African Bitcoin innovation while positioning itself as a global leader in Bitcoin development.
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