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Egyptian fintech-focused VC fund Nclude reached a final close of more than $112 million under DPI Venture Capital as it plans more regional investing.
Nclude has reached a final close of more than US$112 million. The Egypt-launched fund backs fintech and fintech-enabled startups across Africa and the Middle East.
Nclude was launched in Egypt in 2022. It has now 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 came under the management of Development Partners International (DPI) in 2025 after a restructuring. DPI acts as investment adviser to the fund alongside the launch of DPI Venture Capital, its dedicated venture capital platform.
The fund invests in fintech, fintech-enabled businesses and “financial inclusion plays”, meaning startups that help more people and businesses access financial services. It also backs startups working where fintech meets AI and other emerging technologies.
Nclude invests from seed to Series C. It writes cheques of between US$500,000 and US$10 million.
Egypt remains Nclude’s core market. The fund sees Egypt 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 backed 15 companies so far.
Ashley Lewis, managing partner and head of DPI Venture Capital, said DPI took “stewardship of an existing fund with a strong investment thesis” when it became adviser to Nclude. He said the portfolio has expanded into themes such as affordable insurance and healthcare access, opening up credit access for SMEs, and helping individuals save and invest.
Lewis added, “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.”
A larger closed fund gives Nclude more capacity to back fintech companies from early stages through later rounds, with ticket sizes up to US$10 million. Its mandate also allows for regional deployment beyond Egypt, which can support startups aiming to scale across Africa and the Middle East.
Primary Source: Disrupt Africa
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