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Since 2022, Nclude has backed 4 African startups across 8 disclosed funding rounds totaling $165.7M, most heavily in Egypt and Fintech.
Nclude is a specialist investment fund focused on fintech innovation and financial inclusion, headquartered in Egypt. It was established in 2022 with backing from Egypt’s largest national banks and other financial services institutions, and is structured as a venture capital vehicle targeting technology driven financial services. The fund is commonly described as Egypt based and Cairo focused, and operates as a dedicated fintech fund for the Middle East and Africa. Nclude is actively investing in Africa, with a particular focus on Egypt. It targets early and growth stage companies, most notably at the Seed and Series A stages, and also participates in Pre Series A and other venture rounds. Based on available transaction data, Nclude has committed capital to Egyptian startups such as FlapKap, Nawy, Khazna, and Partment. Its portfolio activity demonstrates a clear sector focus on fintech, including revenue based financing and earned wage access, complemented by selective exposure to real estate and property technology. Public information highlights Nclude’s role as a fintech innovation platform backed by major Egyptian banks and financial institutions, and notes that the fund is designed to accelerate digital financial services and expand financial inclusion in Egypt and the wider region. Its strategy centers on building a modern financial technology stack, supporting founders who are digitizing payments, credit, savings, and access to property and financial services for underserved consumers and businesses.
Data updated · Sep 19, 2026
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Nclude has backed 4 African startups across 8 disclosed funding rounds tracked on Liners, totaling $165.7M since 2022.
Mostly Series A: 3 of its 8 tracked rounds are at that stage, followed by Seed (3).
Companies Nclude has backed operate in Egypt (8). Each figure counts the rounds behind companies serving that market, so a company operating in several markets counts in each of them.
Its tracked rounds lean toward Fintech (6), Real Estate & Property (2).
Nclude most often shares rounds with QED Investors (4 shared deals), A15 (4 shared deals), Outliers Venture Capital (3 shared deals).
Nclude is a fintech focused investment fund headquartered in Egypt. It operates as a venture capital vehicle that backs technology driven financial services companies and fintech innovation platforms. Public descriptions of the fund consistently position it as a dedicated fintech investor for Egypt and the wider region.
Based on confirmed transactions, Nclude has invested in Egyptian companies such as FlapKap, Nawy, Khazna, and Partment. These companies operate in fintech and real estate related verticals, including revenue based financing, online property discovery and financing, earned salary access, and co ownership of second homes. All of these investments are located in Egypt.
Nclude’s documented investments are concentrated in Egypt, where it has participated in multiple funding rounds for local startups between March 2022 and August 2026. While public commentary references a broader Middle East and Africa mandate, the verified transaction record provided here relates specifically to Egyptian companies.
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