Egyptian fintech-focused venture capital (VC) fund Nclude has reached a final close of more than US$112 million, as it prepares for its next phase of investment across Africa and the Middle East.
Nclude was launched in Egypt in 2022, and came under the management of Development Partners International (DPI) in 2025 after a restructuring, with DPI acting as investment adviser to the fund alongside the launch of DPI Venture Capital, its dedicated VC platform.
Disrupt Africa reported in April 2025 on the launch of DPI Venture Capital, which came about through the fund-restructuring transaction that saw DPI begin advising Nclude. Since then, the firm has brought additional strategically aligned investors on board to widen the fund’s LP base.
The fund backs fintech, fintech-enabled businesses and financial inclusion plays, as well as startups working where fintech meets AI and other emerging technologies. It invests at stages ranging from seed to Series C, writing cheques of between US$500,000 and US$10 million,
Egypt remains Nclude’s core market, which it sees as a springboard for startups looking to scale regionally, though up to 30 per cent of its mandate can be deployed outside the country. It has so far backed 15 companies.
“When we became adviser to Nclude, we took stewardship of an existing fund with a strong investment thesis, rooted in improving financial inclusion across Africa and the Middle East. We have grown a portfolio aligned with that central thesis and have built on those foundations by activating more of the fund’s mandate across the region. This has included expansion into themes such as affordable insurance and healthcare access, unlocking credit access for SMEs, and helping individuals save and invest for the future. At the same time, we have selectively broadened the fund’s investor base with additional strategically aligned LPs,” said Ashley Lewis, managing partner and head of DPI Venture Capital.
“At over US$112 million, we believe Nclude is appropriately sized for today’s market, giving us the firepower to invest with discipline and support ambitious founders as they grow from strong local businesses into regional technology leaders.”
