DPI Venture Capital, the venture capital platform of Development Partners International, has announced the final close of its Nclude Fund at more than $112 million, strengthening its capacity to invest in technology companies across Africa and the Middle East
Established in Egypt in 2022 as a fintech-focused venture capital fund, Nclude came under DPI’s investment advisory management in 2025 following a restructuring transaction that coincided with the launch of DPI Venture Capital. Since then, the platform has selectively expanded the fund’s investor base, bringing in additional limited partners whose investment priorities align with its strategy
Nclude invests in fintech, fintech-enabled businesses and financial inclusion, with a focus on companies operating at the intersection of financial technology, artificial intelligence and emerging technologies. The fund invests from seed stage through Series C, with individual investments ranging from $500,000 to $10 million
Egypt remains a core investment market and a base for companies seeking to expand across Africa and the Middle East. Nclude also invests across the wider region, with 30% of its investment mandate available for opportunities outside Egypt, supporting businesses with the potential to enter new markets and build regional operations
The fund has invested in 15 companies across Africa and the Middle East, including Egyptian property technology company Nawy, which raised $52 million in a Series A round to support its expansion across the Middle East and North Africa. Its portfolio also includes Egyptian payments company Paymob, which operates in the UAE and the wider Gulf region and raised $35 million in a pre-Series C round led by Mubadala and the European Bank for Reconstruction and Development
Other investments include UAE-based fintech company FlapKap, which raised $34 million in a pre-Series A round to support SME financing and expansion across the Gulf Cooperation Council region, and Money Fellows, which raised $13 million to support financial inclusion and expansion across North Africa, including Morocco
The portfolio also includes Kera, an artificial intelligence company focused on healthcare access and operating in Senegal and Côte d’Ivoire, and Accord Partners, an AI-driven venture focused on consolidating businesses in the accounting and auditing sector, with an initial focus on Saudi Arabia and the wider Middle East and North Africa region
Ashley Lewis, Managing Partner and Head of DPI Venture Capital, said Nclude’s original investment thesis focused on improving financial inclusion across Africa and the Middle East. Since taking over as investment adviser, DPI has developed a portfolio aligned with that objective while expanding the fund’s regional reach and investment themes
Lewis said these areas now include affordable insurance and healthcare access, improving credit availability for small and medium-sized enterprises, and helping individuals save and invest for the future. DPI has also selectively expanded the fund’s investor base by bringing in additional limited partners with aligned investment priorities
With more than $112 million in commitments, Lewis said the fund is positioned to invest selectively in the current market and support founders as they develop successful local businesses into regional technology companies
Mohamed Aladdin, General Partner at DPI Venture Capital, said companies across the fund’s portfolio are increasingly looking beyond their domestic markets as they grow. He highlighted the expanding commercial links between Africa and the Middle East, which are creating opportunities for businesses to reach new customers and enter additional markets
These opportunities include Egyptian companies expanding into the Gulf, businesses entering North Africa and companies from other regional markets establishing operations in Egypt. Aladdin cited Nawy, Paymob, Money Fellows and FlapKap as examples of companies demonstrating the potential to build regional technology businesses from these markets
Sofiane Lahmar, Chief Executive Officer of Development Partners International, said the launch of DPI Venture Capital as a dedicated platform strengthens the firm’s ability to invest in technology businesses at earlier stages of their development. He said the platform combines specialist venture capital expertise with DPI’s wider investment experience, networks and capabilities to support companies expanding across Africa and the Middle East
Lahmar added that the strategy is intended to help ambitious technology companies scale across regional markets while delivering returns for investors and advancing financial inclusion
