Key Takeaways
- • DPI Venture Capital, the venture arm of Development Partners International, closed its Nclude Fund at more than $112 million on October 27, 2026, to back technology startups across Africa and the Middle East.
- • The fund writes checks of $500,000 to $10 million per company, spanning seed through Series C, with a focus on fintech, artificial intelligence and financial inclusion.
- • The fund has invested in 15 companies, including Nawy, Paymob, Money Fellows, FlapKap, Kera and Accord Partners.
- • Portfolio companies have raised substantial follow-on capital, including Nawy's $52 million Series A and Paymob's $35 million pre-Series C round led by Mubadala and the EBRD.
- • The fund's stated strategy allocates 30% of its mandate outside Egypt, which the source calculates as up to $33.6 million based on the fund size.
Summary
DPI Venture Capital, the venture capital arm of Development Partners International (DPI), has closed its Nclude Fund at more than $112 million to invest in early-stage technology companies across Africa and the Middle East, according to Daba Finance. The firm announced the final close on October 27, 2026. The fund is targeting fintech, artificial intelligence and financial inclusion, and will provide between $500,000 and $10 million per company across stages from seed through Series C.
The fund has made 15 investments to date. Portfolio companies named in the source include Egyptian property technology platform Nawy, which raised $52 million in a Series A round; payments provider Paymob, which secured $35 million in pre-Series C financing led by Mubadala and the European Bank for Reconstruction and Development; and savings platform Money Fellows, which raised $13 million to expand across North Africa, including Morocco. The portfolio also includes UAE-based lending platform FlapKap, which raised $34 million in pre-Series A funding. Other investments include Kera, a healthcare technology company operating in Senegal and Côte d'Ivoire, and Accord Partners, which develops artificial intelligence applications for accounting and auditing firms in Saudi Arabia and the wider Middle East.
DPI Venture Capital said the fund will also target companies working on insurance access, small business lending, digital payments and investment products. Its strategy combines financial services with technology businesses that address access to healthcare and credit. The firm is led by Managing Partner Ashley Lewis and General Partner Mohamed Aladdin. Development Partners International, founded in 2007, manages approximately $4 billion in assets and co-investments. The Nclude Fund gives the firm a vehicle for investing at stages earlier than those typically targeted by its private equity funds.
According to the source, the fund's 30% allocation outside Egypt represents up to $33.6 million based on its $112 million size, though the capital available for new investments will depend on existing commitments and portfolio allocations. The source also notes the fund was established in Egypt in 2022 and has expanded under DPI's management to cover Africa and the Middle East. Its performance will depend on its ability to identify companies with revenue growth and to generate returns through acquisitions, public listings or other exits.
The fund has made 15 investments to date. Portfolio companies named in the source include Egyptian property technology platform Nawy, which raised $52 million in a Series A round; payments provider Paymob, which secured $35 million in pre-Series C financing led by Mubadala and the European Bank for Reconstruction and Development; and savings platform Money Fellows, which raised $13 million to expand across North Africa, including Morocco. The portfolio also includes UAE-based lending platform FlapKap, which raised $34 million in pre-Series A funding. Other investments include Kera, a healthcare technology company operating in Senegal and Côte d'Ivoire, and Accord Partners, which develops artificial intelligence applications for accounting and auditing firms in Saudi Arabia and the wider Middle East.
DPI Venture Capital said the fund will also target companies working on insurance access, small business lending, digital payments and investment products. Its strategy combines financial services with technology businesses that address access to healthcare and credit. The firm is led by Managing Partner Ashley Lewis and General Partner Mohamed Aladdin. Development Partners International, founded in 2007, manages approximately $4 billion in assets and co-investments. The Nclude Fund gives the firm a vehicle for investing at stages earlier than those typically targeted by its private equity funds.
According to the source, the fund's 30% allocation outside Egypt represents up to $33.6 million based on its $112 million size, though the capital available for new investments will depend on existing commitments and portfolio allocations. The source also notes the fund was established in Egypt in 2022 and has expanded under DPI's management to cover Africa and the Middle East. Its performance will depend on its ability to identify companies with revenue growth and to generate returns through acquisitions, public listings or other exits.
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