DPI Venture Capital has closed its Nclude fund at more than $112 million, with 93% of the capital coming from African investors. This milestone matters in the current fundraising environment; Africa-focused venture capital funds raised a combined $107 million across six final closes in 2025, according to the African Private Capital Association (AVCA).
The fund, which backs technology companies across Africa and the Middle East, is now positioned to keep investing in fintech, financial inclusion, and businesses that use technology to improve access to financial services.
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The capital's origin is just as notable as its size. According to TechCabal's interview with DPI Venture Capital managing partner Ashley Lewis, nearly all the fund's commitments came from financial services institutions, while 93% originated in Africa. That offers a glimpse of how African financial institutions can help finance the next generation of regional technology companies, rather than relying primarily on international investors.
Understanding the Nclude Fund Strategy
Nclude launched in Egypt in 2022 as a fintech-focused venture capital fund. Development Partners International (DPI) became its investment adviser in 2025 following a restructuring and established DPI Venture Capital as its dedicated venture capital platform.
The transition expanded the Nclude fund's investment scope. It now backs companies from seed stage through Series C, with individual investments ranging from $500,000 to $10 million.
Egypt remains the fund's core market, but its strategy is not limited to Egyptian businesses. It can deploy up to 30% of its investment mandate elsewhere in Africa and the Middle East, giving it room to support companies expanding into new markets.
Portfolio Growth and Investment Focus
DPI has also reserved at least 10% of the portfolio for seed-stage investments. This allows the firm to pursue earlier-stage opportunities while retaining the flexibility to support more established companies raising larger rounds.
Nclude has invested in 15 companies across Africa and the Middle East. Its portfolio includes Egyptian proptech company Nawy, payments provider Paymob, UAE-based SME financing platform FlapKap and digital savings business Money Fellows.
These businesses illustrate how financial services can extend beyond conventional banking and payments. Nawy operates in real estate, while FlapKap focuses on financing small and medium-sized businesses.
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Money Fellows uses technology to support digital savings and financial inclusion, and Paymob provides payment infrastructure for businesses. The portfolio also includes Kera, an AI-enabled healthcare access company operating in Senegal and Côte d'Ivoire, and Accord Partners, an AI-driven accounting and auditing business focused initially on Saudi Arabia and the wider Middle East and North Africa region.
AI is becoming more visible across the portfolio, but it is not a standalone investment mandate. DPI has said its primary focus remains fintech, fintech-enabled businesses, and financial inclusion, with AI changing how it develops and delivers products and services in those areas.
Why the African Capital Matters
The fundraising environment provides important context for the final close. According to AVCA's 2025 Venture Capital in Africa Report, Africa-focused fund managers raised $107 million across six venture capital fund final closes in 2025, an 87% decline from the previous year. No Africa-focused venture fund reached a final close of $100 million or more that year.
The Nclude fund's final size exceeds that combined fundraising total. The comparison is notable, though the fund has a broader mandate spanning Africa and the Middle East, not Africa alone.
Its investor base adds another dimension. African financial services institutions supply most of the capital, linking the fund's financing to institutions already familiar with the region's financial markets and the gaps technology businesses aim to address.
That does not guarantee easier fundraising for other African startups or venture funds. It does, however, show that regional institutions can assemble a substantial pool of venture capital around a defined investment strategy.
Future Outlook for DPI
Nclude has invested in 15 companies, and DPI expects its portfolio to grow to 22-24 investments over the fund's lifetime. The firm has not disclosed how much unallocated capital remains available for new deals.
The next phase will test how effectively DPI can deploy that capital across its expanded mandate, particularly outside Egypt. Potential opportunities include SME financing, healthcare access, savings and insurance, as well as businesses embedding financial products into services such as real estate.
For founders, the important question is whether the firm can support companies beyond their initial markets and help them build sustainable regional businesses. For the wider investment ecosystem, the final close offers a clearer signal: African institutions can supply a substantial share of the capital backing regional technology ventures.
Engagement
