DPI Venture Capital Finalizes $112 Million Nclude Fund for Africa-Middle East Startups

DPI Venture Capital, the venture capital arm of Development Partners International, has closed its Nclude Fund at $112 million to back technology startups across Africa and the Middle East.

The firm announced the final close on October 27, 2026, as it expands investments in fintech, artificial intelligence, and financial inclusion. The fund will deploy between $500,000 and $10 million per company, targeting businesses from seed stage through Series C.

Nclude was established in Egypt in 2022 as a fintech-focused fund. DPI became its investment adviser in 2025 following a restructuring that also created DPI Venture Capital. The fund had previously secured $105 million in commitments, so the final close added more than $7 million. Egypt remains its primary investment market, although 30% of the fund’s mandate is allocated for investments elsewhere in Africa and the Middle East. The strategy targets companies expanding between Egypt, Gulf countries, and other African markets.

The fund has invested in 15 companies, including Egyptian proptech platform Nawy, payments provider Paymob, and savings platform Money Fellows. Nawy raised $52 million in a Series A round, while Paymob secured $35 million in pre-Series C financing led by Mubadala and the European Bank for Reconstruction and Development. Money Fellows raised $13 million to support its expansion 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 businesses in Saudi Arabia and the Middle East. DPI Venture Capital said the fund will also target companies working on insurance access, small business lending, digital payments, and investment products. The strategy combines investments in financial services with technology businesses that address access to healthcare, credit, and other services.

DPI Venture Capital is led by Managing Partner Ashley Lewis and General Partner Mohamed Aladdin. The company said the fund’s final close will support investments and help portfolio businesses expand into other markets. Development Partners International, founded in 2007, manages approximately $4 billion in assets and co-investments across its platform. The Nclude Fund gives the firm a vehicle for investing in technology companies at stages earlier than those typically targeted by its private equity funds.

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The $112 million final close adds to the capital available for African technology companies at a time when startup financing remains concentrated in a limited number of markets and sectors. The fund’s investment range of $500,000 to $10 million allows it to participate in early funding rounds and provide follow-on capital as businesses scale. Its strategy also reflects the growing connections between African and Middle Eastern technology markets, particularly as Egyptian startups seek customers and financing in Saudi Arabia, the UAE, and other Gulf countries.

The allocation of 30% of its investment mandate outside Egypt represents up to $33.6 million based on the fund’s $112 million size, although the amount available for new investments will depend on existing commitments and portfolio allocations. This structure could provide financing for companies operating in markets where venture capital remains difficult to access, including parts of West Africa. The fund’s investments in Kera and FlapKap also show how financial technology is expanding beyond payments into healthcare access and business lending.

For startups, access to investors with regional networks can support market entry, partnerships, and follow-on fundraising, but expansion involves regulatory requirements, operating costs, and differences in customer demand. Nclude’s final close also reflects a shift in its original strategy. Established in Egypt in 2022, the fund has expanded under DPI’s management to target businesses across Africa and the Middle East.

The fund’s performance will depend on its ability to identify companies with revenue growth, manage investment risks, and generate returns through acquisitions, public listings, or other exits. For Africa’s venture capital market, the development provides another source of financing for startups seeking to grow beyond their domestic markets.

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