---
title: "DPI Venture Capital Closes $112M Nclude Fund In Africa"
description: "DPI Venture Capital reached a final close of over $112 million for its Nclude Fund, with 93% of capital coming from within Africa."
canonical_url: "https://liners.com/news/dpi-venture-capital-nclude-fund-112m-final-close"
markdown_url: "https://liners.com/news/dpi-venture-capital-nclude-fund-112m-final-close.md"
type: "article"
language: "en"
published_at: "2026-10-26T16:00:52.625Z"
updated_at: "2026-10-26T16:00:52.647Z"
---

# DPI Venture Capital Closes $112M Nclude Fund In Africa

DPI Venture Capital reached a final close of over $112 million for its Nclude Fund, with 93% of capital coming from within Africa.

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## Content

## In Short
DPI Venture Capital has reached a final close of over $112 million for its Nclude Fund.

The firm said 93% of the capital came from within Africa.

## What Happened: DPI Venture Capital’s Nclude Fund Close
DPI Venture Capital, the early-stage arm of Development Partners International, has reached a final close of over $112 million for its Nclude Fund. Development Partners International is a private equity firm managing more than $3 billion in assets across Africa.

Ashley Lewis, managing partner and head of DPI Venture Capital, told TechCabal that virtually all the capital was committed by financial services institutions. Lewis said 93% of the capital originated from within Africa.

TechCabal also cited TechCabal Insights, which said African investors supplied 37% of the funding secured by the continent’s startups in the first half of 2026.

TechCabal said Nclude’s final close exceeds the combined total raised by all Africa-focused venture funds in 2025. The African Private Capital Association recorded six final closes totalling $107 million in 2025, and TechCabal said this was an 87% drop compared with 2024.

Lewis said the fund reverses the usual structure of African venture capital, where development finance institutions and Western limited partners typically anchor the market.

“There is a lot of discussion about how funds can move beyond the DFI-backed model to more commercial funding, and I think Nclude and DPI Venture Capital show that there are working paths to capital from unusual sources,” Lewis said.

Nclude started in March 2022 as a fintech fund in Egypt, after the Central Bank of Egypt approved it. TechCabal reported that Banque Misr was the anchor investor, with National Bank of Egypt and Banque du Caire as strategic investors.

## Why It Matters
A $112 million close is large relative to the recent fundraising totals for Africa-focused venture funds, based on the AVCA numbers cited by TechCabal.

The fund’s investor base also points to a different source of venture funding in Africa, with DPI Venture Capital saying most commitments came from financial services institutions and that the bulk of capital originated from within Africa.

## Sources and products

- [Techcabal](https://techcabal.com/2026/10/26/dpi-closes-112-million-nclude-fund)

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