DPI Venture Capital closes Nclude Fund at over $112 million

DPI Venture Capital has announced the final close of its Nclude Fund at over $112 million. The vehicle will back technology startups across Africa and the Middle East, with Egypt as its core market.

Nclude was established in Egypt in 2022 as a fintech-focused fund. In 2025, DPI became its investment adviser after a restructuring, launching DPI Venture Capital as its dedicated venture platform. Since then, the firm says it has selectively broadened the investor base with additional strategically aligned limited partners.

Strategy and ticket sizes

The fund targets fintech, fintech-enabled businesses and financial inclusion, including companies where fintech meets AI and emerging technology. It writes cheques of $500,000 to $10 million, from Seed through Series C. Thirty percent of its mandate can be deployed outside Egypt, aimed at businesses able to grow across markets.

So far Nclude has invested in 15 companies. They include Egyptian proptech Nawy, payments firm Paymob, and Money Fellows, as well as UAE-based fintech FlapKap, Senegal- and Côte d'Ivoire-focused health access company Kera, and Accord Partners, an AI roll-up in accounting and auditing with an initial focus on Saudi Arabia and wider MENA.

What management says

Ashley Lewis, Managing Partner and Head of DPI Venture Capital, said the team had built a portfolio around the fund's financial inclusion thesis and expanded into themes such as affordable insurance, healthcare access and SME credit. At over $112 million, he said, Nclude is "appropriately sized for today's market", giving it firepower to invest with discipline.

General Partner Mohamed Aladdin pointed to growing links between Africa and the Middle East, as companies expand from Egypt into the Gulf and North Africa, or enter Egypt from elsewhere in the region.

The final close is intended to fund new investments and support portfolio companies as they scale, particularly between Egypt, the Gulf and other African markets. For founders in these regions, it adds a dedicated source of capital across a wide range of growth stages.