Key Takeaways
- • Nclude, an Egypt-based fintech-focused venture capital fund, has reached a final close of more than US$112 million as it prepares its next phase of investment across Africa and the Middle East.
- • The fund came under the management of Development Partners International (DPI) in 2025 following a restructuring, with DPI acting as investment adviser alongside its new dedicated VC platform, DPI Venture Capital.
- • Nclude invests from seed to Series C, writing cheques of US$500,000 to US$10 million, and has backed 15 companies to date.
- • Up to 30 per cent of the fund's mandate can be deployed outside Egypt, which remains its core market.
Summary
Egyptian fintech-focused venture capital fund Nclude has reached a final close of more than US$112 million, according to Disrupt Africa, as it prepares for its next phase of investment across Africa and the Middle East. The fund was launched in Egypt in 2022 and came under the management of Development Partners International (DPI) in 2025 following a restructuring. DPI acts as investment adviser to the fund and launched DPI Venture Capital, its dedicated VC platform, alongside the transaction. Disrupt Africa first reported on the launch of DPI Venture Capital in April 2025.
Since taking on the advisory role, DPI has brought additional strategically aligned investors into the fund to broaden its limited partner base. Nclude backs fintech, fintech-enabled businesses, and financial inclusion initiatives, as well as startups where fintech intersects with AI and other emerging technologies. It invests at stages from seed to Series C, with cheque sizes between US$500,000 and US$10 million. The fund has so far backed 15 companies.
Egypt remains Nclude's core market, which it views as a springboard for startups scaling regionally, though up to 30 per cent of its mandate can be deployed outside the country. Ashley Lewis, managing partner and head of DPI Venture Capital, said the adviser had expanded the fund's activity into affordable insurance and healthcare access, SME credit access, and individual savings and investment, while retaining the original thesis of improving financial inclusion across Africa and the Middle East. Lewis said the fund's size of over US$112 million is appropriate for current market conditions and gives it capacity to invest with discipline and support founders as they grow from local businesses into regional technology leaders.
Since taking on the advisory role, DPI has brought additional strategically aligned investors into the fund to broaden its limited partner base. Nclude backs fintech, fintech-enabled businesses, and financial inclusion initiatives, as well as startups where fintech intersects with AI and other emerging technologies. It invests at stages from seed to Series C, with cheque sizes between US$500,000 and US$10 million. The fund has so far backed 15 companies.
Egypt remains Nclude's core market, which it views as a springboard for startups scaling regionally, though up to 30 per cent of its mandate can be deployed outside the country. Ashley Lewis, managing partner and head of DPI Venture Capital, said the adviser had expanded the fund's activity into affordable insurance and healthcare access, SME credit access, and individual savings and investment, while retaining the original thesis of improving financial inclusion across Africa and the Middle East. Lewis said the fund's size of over US$112 million is appropriate for current market conditions and gives it capacity to invest with discipline and support founders as they grow from local businesses into regional technology leaders.
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