Egyptian fintech fund Nclude closes at $112 million under DPI management
The venture capital fund Nclude has finalized its latest funding round, reaching $112 million to support fintech startups across Africa and the Middle East.
Egyptian venture capital fund Nclude has completed a final closing of over $112 million. The fund, which shifted to the management of Development Partners International (DPI) in early 2025 as part of a restructuring, now operates under the firm’s dedicated DPI Venture Capital platform.
Nclude focuses on financial technology and related sectors, including AI-integrated financial services. Its investment mandate covers companies from the seed stage through to Series C, with individual allocations ranging from $500,000 to $10 million. The fund has already deployed capital into 15 companies since its inception in 2022.
While Egypt serves as the primary market for the fund, the current mandate allows for up to 30 percent of assets to be invested in regional startups. Ashley Lewis, managing partner at DPI Venture Capital, stated that the fund aims to balance local operations with regional growth, targeting sectors such as SME credit access and insurance technology.
The final close provides the fund with additional capital to support existing portfolio companies and identify new opportunities. The move marks a continuation of the strategy initiated when DPI began its advisory role, aiming to consolidate the fund's position within the Middle Eastern and African fintech investment landscape.