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Recursive Capital funds Bitcoin startups across Africa

Recursive Capital funds Bitcoin startups across Africa

GrafaGrafa2024/12/03 13:30
By:Mahathir Bayena

Recursive Capital has successfully closed its first funding round aimed at supporting Bitcoin (CRYPTO:BTC) companies across Africa. 

Announced on November 30, the fundraising effort is designed to expand Recursive Capital’s investments in the continent's bitcoin ecosystem.

Key investors in this round include Block Chairman Jack Dorsey, Fortress Investment Group's Peter Briger Jr., and Jeff Booth, founding partner at Ego Death Capital.

The fund’s objectives were outlined by CEO Abubakar Nur Khalil, a Nigerian Bitcoin Core contributor and acting CEO of ₿trust, a nonprofit organisation backed by Jay-Z and Dorsey that finances African Bitcoin developers.

“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,” Khalil stated.

He emphasised the goal of positioning Recursive and its portfolio companies as a significant signal for investors interested in this emerging asset class.

Fund I aims to support businesses involved in Bitcoin infrastructure, including miners, as well as those developing applications like wallets and exchanges, along with advancements in technologies such as Fedimint and Lightning Network protocols.

At the time of reporting, the Bitcoin (BTC) price was $95,649.75.

The fund primarily focuses on equity investments, typically ranging from $50,000 to $100,000 for each company. 

Recursive Capital does not engage in alternative financing methods or accept tokenised securities or altcoins as investment payment.

Since its inception, Recursive has invested in several companies including Bitnob, which facilitates cross-border payments and bitcoin financial services; Fedi, known for its “Community Superapp” for collaborative custody; and Synota, which streamlines utility bill payments through the Lightning Network.

Additionally, Recursive Capital plans to launch Recursive Labs to provide ongoing support to founders within its portfolio through strategic insights, mentorship, and expanded funding opportunities for Bitcoin mining ventures.

At the time of reporting, the Bitcoin (BTC) price was $95,580.10.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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