Key Takeaways
- • DPI Venture Capital, the venture platform of Development Partners International, held the final close of the Nclude Fund at more than $112 million, according to the firm's October 27, 2026 announcement.
- • The fund invests from seed through Series C, with tickets of $500,000 to $10 million, targeting fintech, fintech-enabled and financial inclusion businesses across Africa and the Middle East.
- • DPI became investment adviser to the fund in 2025 following a restructuring transaction, and has since broadened the LP base with additional strategically aligned investors.
- • Nclude has invested in 15 companies to date, including Nawy, Paymob, FlapKap, Money Fellows, Kera and Accord Partners.
- • Egypt remains the core market, with up to 30% of the mandate deployable elsewhere in Africa and the Middle East.
Summary
DPI Venture Capital, the venture platform of Development Partners International, has held the final close of the Nclude Fund at more than $112 million, the firm said on October 27, according to HedgeCo.Net. The fund backs fintech, fintech-enabled and financial inclusion businesses, as well as companies at the intersection of fintech, AI and emerging technology, across Africa and the Middle East. Wamda reported the same final close, describing the vehicle as investing in technology startups across the region.
Nclude was established in 2022 as a fintech-focused venture fund in Egypt. DPI became its investment adviser in 2025 following a restructuring transaction, alongside the launch of DPI Venture Capital, and has since broadened the fund's LP base with additional strategically aligned investors. The fund invests from seed through Series C, with tickets from $500,000 to $10 million. Egypt remains its core market and a launchpad for regional expansion, while 30% of the mandate can be invested outside Egypt across the wider Africa region and the Middle East.
Nclude has invested in 15 companies to date. Its portfolio includes Egyptian proptech Nawy, which raised a $52 million Series A; payments company Paymob, which raised $35 million in a pre-Series C led by Mubadala and EBRD; UAE-based SME lender FlapKap; savings platform Money Fellows; health access company Kera; and Accord Partners, an AI roll-up focused on accounting and auditing in Saudi Arabia and the broader region.
The close illustrates a route that has become more common in emerging market venture: an established private equity manager taking over advisory duties on a restructured fund rather than raising a new vehicle from scratch. DPI described the fund as appropriately sized for today's market, a framing that reflects tighter capital for frontier venture and a preference among LPs for managers with institutional infrastructure behind them.
Nclude was established in 2022 as a fintech-focused venture fund in Egypt. DPI became its investment adviser in 2025 following a restructuring transaction, alongside the launch of DPI Venture Capital, and has since broadened the fund's LP base with additional strategically aligned investors. The fund invests from seed through Series C, with tickets from $500,000 to $10 million. Egypt remains its core market and a launchpad for regional expansion, while 30% of the mandate can be invested outside Egypt across the wider Africa region and the Middle East.
Nclude has invested in 15 companies to date. Its portfolio includes Egyptian proptech Nawy, which raised a $52 million Series A; payments company Paymob, which raised $35 million in a pre-Series C led by Mubadala and EBRD; UAE-based SME lender FlapKap; savings platform Money Fellows; health access company Kera; and Accord Partners, an AI roll-up focused on accounting and auditing in Saudi Arabia and the broader region.
The close illustrates a route that has become more common in emerging market venture: an established private equity manager taking over advisory duties on a restructured fund rather than raising a new vehicle from scratch. DPI described the fund as appropriately sized for today's market, a framing that reflects tighter capital for frontier venture and a preference among LPs for managers with institutional infrastructure behind them.
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