American investor Alan Patricof has made his first bet on bitcoin.

Patricof is the founder and managing director of venture capital firm Greycroft Partners, which announced on Wednesday a $2 million investment into Kenya-based blockchain payments platform BitPesa.

BitPesa said Greycroft is the lead investor in the follow-up to its Series A funding round. The start-up said with a majority of its existing shareholders topping up and the addition of a new investor, Plug and Play, BitPesa has raised $10 million to date.

Greycroft’s investment may be modest in size, but the involvement of Patricof, who is considered to be one of the early pioneers of the venture capital and private equity industries, can be considered significant. Greycroft already has investments in fintech companies like Venmo, Acorns and Braintree, as well as in fantasy esports start-up AlphaDraft, but this is the first time that Patricof and his firm has ventured into the cryptocurrency space.