Key Takeaways
- • DPI Venture Capital, the early-stage arm of Development Partners International (a private equity firm managing more than $3 billion across Africa), reached a final close of over $112 million for its Nclude Fund, per TechCabal.
- • Approximately 93% of the capital came from African sources, with virtually all commitments from financial services institutions, according to managing partner Ashley Lewis.
- • The $112 million close exceeds the total of all Africa-focused venture fund final closes in 2025 ($107 million across six funds, per AVCA), but settles below the $150 million initial target and the $105 million AUM Banque Misr cited when DPI took over.
- • DPI deliberately set no explicit fund size target, prioritizing aligned financial services LPs over DFI and global investors, a departure from the conventional DFI-anchored model.
- • The fund has backed 15 companies over 18 months and expects to build a portfolio of 22 to 24 investments, with cheques of $500,000 to $10 million across seed through Series C.
Summary
DPI Venture Capital, the early-stage arm of Development Partners International, has reached a final close of over $112 million for the Nclude Fund, according to TechCabal. Managing partner and head of DPI Venture Capital Ashley Lewis told TechCabal that virtually all capital was committed by financial services institutions, with 93% originating within Africa. By comparison, African investors supplied just 37% of funding raised by the continent's startups in the first half of 2026, according to TechCabal Insights. The close also exceeds the combined total of all Africa-focused venture funds reaching final close in 2025, which the African Private Capital Association (AVCA) recorded at six funds totalling $107 million, an 87% decline from 2024.
Nclude began in March 2022 as a fintech fund in Egypt after the Central Bank of Egypt approved it, with Banque Misr as anchor investor alongside National Bank of Egypt, Banque du Caire, the Egyptian Banks Company, e-Finance and Mastercard. Global Ventures initially managed the fund; after a 2025 restructuring, DPI became adviser and launched DPI Venture Capital to run it. When DPI assumed control, Banque Misr stated the fund held $105 million in AUM against an initial $150 million target. Lewis said DPI did not set a rigid cap, and that the firm spent about 12 months selecting commercial institutional investors whose footprints aligned with the fund's financial services mandate.
Under DPI, the mandate expanded from seed through Series B to include Series C, a minimum 10% allocation was set aside for seed-stage investments, and up to 30% of capital may be deployed across broader African and Middle Eastern markets. Cheques range from $500,000 to $10 million, and the fund has backed 15 companies over the past 18 months, with Lewis expecting 22 to 24 investments by fund end. Portfolio companies include Nawy, the Egyptian proptech platform that raised a $52 million Series A; Paymob, which closed a $35 million pre-Series C round led by Mubadala and the EBRD; FlapKap, a UAE-based revenue-based financing platform for SMEs that raised $34 million; Money Fellows, a digitised ROSCA platform that raised $13 million; Kera, a healthcare AI company in Senegal and Côte d'Ivoire; and Accord Partners, an accounting and audit AI aggregator focused on Saudi Arabia.
Lewis said the mandate remains fintech and fintech-enabled, including embedded finance providers such as real estate platforms distributing mortgage products. The fund does not have an AI-specific mandate, though Lewis said AI is changing how financial products are delivered. DPI also cited its exit track record, including Optasia's November 2025 listing on the Johannesburg Stock Exchange, MNT-Halan's listing on the Egyptian Exchange, and Middle Eastern strategic sales, as pathways for portfolio companies. Lewis highlighted the funding source as a model for moving beyond the DFI-backed model toward more commercial capital.
Nclude began in March 2022 as a fintech fund in Egypt after the Central Bank of Egypt approved it, with Banque Misr as anchor investor alongside National Bank of Egypt, Banque du Caire, the Egyptian Banks Company, e-Finance and Mastercard. Global Ventures initially managed the fund; after a 2025 restructuring, DPI became adviser and launched DPI Venture Capital to run it. When DPI assumed control, Banque Misr stated the fund held $105 million in AUM against an initial $150 million target. Lewis said DPI did not set a rigid cap, and that the firm spent about 12 months selecting commercial institutional investors whose footprints aligned with the fund's financial services mandate.
Under DPI, the mandate expanded from seed through Series B to include Series C, a minimum 10% allocation was set aside for seed-stage investments, and up to 30% of capital may be deployed across broader African and Middle Eastern markets. Cheques range from $500,000 to $10 million, and the fund has backed 15 companies over the past 18 months, with Lewis expecting 22 to 24 investments by fund end. Portfolio companies include Nawy, the Egyptian proptech platform that raised a $52 million Series A; Paymob, which closed a $35 million pre-Series C round led by Mubadala and the EBRD; FlapKap, a UAE-based revenue-based financing platform for SMEs that raised $34 million; Money Fellows, a digitised ROSCA platform that raised $13 million; Kera, a healthcare AI company in Senegal and Côte d'Ivoire; and Accord Partners, an accounting and audit AI aggregator focused on Saudi Arabia.
Lewis said the mandate remains fintech and fintech-enabled, including embedded finance providers such as real estate platforms distributing mortgage products. The fund does not have an AI-specific mandate, though Lewis said AI is changing how financial products are delivered. DPI also cited its exit track record, including Optasia's November 2025 listing on the Johannesburg Stock Exchange, MNT-Halan's listing on the Egyptian Exchange, and Middle Eastern strategic sales, as pathways for portfolio companies. Lewis highlighted the funding source as a model for moving beyond the DFI-backed model toward more commercial capital.
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