Nclude Closes $112M Fund to Back Fintech and AI Startups

In Short

Nclude has reached a final close of more than $112 million. The Egyptian venture capital fund plans to back fintech and AI startups across Africa and the Middle East.

What Happened: How Nclude Plans To Invest

Nclude reached a final close of more than $112 million, boosting its capacity to finance technology startups across Africa and the Middle East.

The fund operates under the investment advisory management of DPI Venture Capital, the venture capital platform of Development Partners International (DPI). Nclude was established in Egypt in 2022. It was restructured in 2025, bringing DPI on board as its investment adviser.

Nclude targets financial technology businesses and companies building solutions that improve financial inclusion, which means making financial services easier for more people to access. It also targets startups combining fintech with artificial intelligence, which is software that can learn patterns from data.

The fund writes checks ranging from $500,000 to $10 million. It can invest from seed, which is early funding, through Series C, which is later growth funding.

Egypt remains Nclude’s main investment market. The fund can allocate up to 30% of its capital mandate outside Egypt, supporting Egyptian startups expanding regionally and investing in other startups across Africa and the Middle East.

Nclude has backed 15 companies so far. Its activity includes areas such as affordable insurance, healthcare accessibility, financing for small and medium-sized enterprises, and digital savings and investment products.

Ashley Lewis, Managing Partner and Head of DPI Venture Capital, said DPI’s involvement has helped expand Nclude’s investment activities while keeping its focus on financial inclusion.

Why It Matters

The final close gives Nclude more room to invest in startups building products for underserved consumers and businesses.

It also comes as African technology companies look for institutional capital to expand beyond their home markets. For Egypt’s startup ecosystem, Nclude’s larger fund increases the pool of venture financing available for companies aiming to scale across the region.