Announcing Recursive Capital's Fund I First Close
Jack Dorsey-backed Bitcoin VC Recursive Capital Announce Fund I First Close to Support Bitcoin Companies in Africa.
AFRICA, 29 November 2024 — Recursive Capital, the leading early-stage Bitcoin VC focused on Africa, announced the first close of its Fund I at an undisclosed amount from anchor investors, Chairman at Block, Jack Dorsey, former partner at Goldman Sachs and Chairman at Fortress Investments Group, Pete L. Briger Jr., and Author of the Price of Tomorrow and Founding Partner at Ego Death Capital, Jeff Booth.
Recursive Capital is an early-stage Bitcoin venture capital fund investing exclusively in Bitcoin companies focusing on the African continent.
As Recursive Capital CEO Abubakar Nur Khalil put it, "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."
At the helm of the Fund is Nigerian Bitcoin core contributor, Board member, and CEO of Btrust, the Jay-Z and Jack Dorsey-funded Bitcoin non-profit focused on decentralizing Bitcoin development in the global south, Abubakar Nur Khalil, who has extensive experience supporting and training Bitcoin developers in Africa, and has been integral to growing the Bitcoin ecosystem in Africa and a leading voice in the Bitcoin space.
Abubakar founded Recursive Capital in 2020 to ensure future efficient capital allocation to Bitcoin companies to maintain and support a thriving ecosystem that delivers solutions built for and by those on the ground.
Recursive Capital's operating thesis revolves around the notion that Africa's unique problems make it a prime location to become the global Bitcoin development capital, which will naturally lead to the creation of the most innovative and impactful native Bitcoin companies—i.e., companies that most effectively reflect the anti-fragility, resilience, and ethos of Bitcoin.
The Fund supports companies covering Bitcoin infrastructure (Bitcoin mining, data/analytics, etc.), commercial use cases (exchanges, custody, etc.), and frontier technologies such as the Lightning Network.
Fund I provides Bitcoin founders capital, mentorship, and strategic support for sustained growth and impact. The Fund deploys between $50k - $100k checks on average in early-stage companies with growth potential and track records. It also provides smaller check sizes and additional help, mentorship, and guidance to even earlier-stage companies via its venture production arm, Recursive Labs. The Fund strictly makes equity investments and does not engage in alternative financing structures, tokens, or coins.
Since the launch of Fund I, Recursive has invested in Bitnob, a leading Bitcoin financial services company, Fedi, a collaborative custody and community super app, and Synota, a pioneering Bitcoin company streamlining energy payments over the Lightning Network, and continues to actively seek companies building at the forefront of the Bitcoin ecosystem while laying the groundwork to catalyze and brew future companies and builders.
In addition to Recursive's growing network of entrepreneurs, builders, and experts in the Bitcoin ecosystem, the team at Recursive Capital also benefits from its strategic advisors, Author of the Price of Tomorrow and Founding Partner at Ego Death Capital, Jeff Booth, alongside Author of The Bitcoin Leap, former U.S. regulator and CEO of Mango Digital Strategies, Charlene Fadirepo.
“Abubakar is an incredible leader in the Bitcoin community, and Bitcoin has the potential to free the people of Africa from centuries of living in exploitation, [and] it seemed natural to invest in a region that needed this protocol the most.” — Jeff Booth
In 2025, Recursive intends to open up Recursive Labs for public applications to help provide entrepreneurs starting out building their companies with the support, funding, and guidance they need, along with expanding its current funding efforts to incorporate other investments from its target investment themes such as Bitcoin mining, given its increasing maturity, strategic importance, and standardization on the continent.
Abubakar articulated his vision of Recursive's future role as "becoming a source-of-signal on the continent for investors seeking to benefit from exposure to a once-in-a-generation asset—Bitcoin—and ultimately contributing to Africa becoming the Global epicenter of building Bitcoin companies of the highest quality, impact, and competitive edge."
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About Recursive Capital
Recursive Capital is an early-stage Bitcoin venture capital fund investing in Bitcoin companies, with a focus on the African continent. The fund invests across various investment themes in the Bitcoin ecosystem, seeking talented entrepreneurs building at the vanguard of Bitcoin development.
To learn more about Recursive visit here.
