DPI Venture Capital Closes Nclude Fund at Over $112 Million

Strategy and portfolio

The fund targets fintech, fintech-enabled businesses and financial inclusion, including companies where fintech meets AI and emerging technology. It invests from seed to Series C, with cheques between $500,000 and $10 million. Thirty percent of its mandate can go to opportunities outside Egypt.

Nclude has so far backed 15 companies. They include Egyptian proptech Nawy, which raised a $52 million Series A, and payments firm Paymob, which raised $35 million in a pre-Series C round led by Mubadala and EBRD. The portfolio also holds UAE-based fintech FlapKap, Money Fellows, healthtech Kera, which operates in Senegal and Côte d'Ivoire, and Accord Partners, an AI roll-up focused on accounting and auditing, initially in Saudi Arabia and wider MENA.

What comes next

The final close will fund new investments and help portfolio companies expand, particularly those scaling between Egypt, the Gulf and other African markets. Managing Partner Ashley Lewis said the team has activated more of the mandate, moving into affordable insurance, healthcare access and SME credit. She said that at over $112 million the fund is "appropriately sized for today's market."

General Partner Mohamed Aladdin noted that technology businesses increasingly look beyond their home markets, helped by growing links between Africa and the Middle East. For founders in Egypt and neighbouring markets, the close adds a dedicated source of growth capital at a range of stages.