London-based DPI Venture Capital, the venture investment arm of Development Partners International, announced on October 27, 2026, that its Egypt-founded Nclude Fund had reached a final close of more than $112 million after broadening its institutional investor base following a 2025 restructuring. The fund will finance fintech and technology-enabled businesses expanding from Egypt into the Gulf and other African markets, with 93% of its capital originating from African investors.
The fund, established in Egypt in 2022, invests between $500,000 and $10 million per company, from seed stage through Series C. Egypt remains its principal market, while up to 30% of its investment mandate can be deployed elsewhere in Africa and the Middle East. The strategy seeks to connect African institutional capital with expanding regional businesses, strengthen financial inclusion and generate investment returns.
According to Ashley Lewis, managing partner of DPI Venture Capital, virtually all the fund’s commitments come from financial-services institutions, signalling a growing role for African investors in financing the continent’s technology sector.
From Egyptian Banking Capital to Regional Investment
Launched with backing from Banque Misr, the National Bank of Egypt, Banque du Caire and other financial institutions, Nclude initially focused on Egyptian fintech startups and financial inclusion.
Development Partners International became the fund’s investment adviser in April 2025 following restructuring, when it reported $105 million in assets under management. The latest final close therefore concerns an established fund, not an entirely new $112 million fundraising vehicle. The precise amount of fresh capital raised has not been disclosed.
The final amount remains below the $150 million target cited by the Central Bank of Egypt in June 2025. Lewis said DPI subsequently prioritised strategically aligned institutional investors rather than setting a fixed fundraising target.
Nclude has backed 15 companies and expects its portfolio to reach approximately 22–24 businesses, with at least 10% of capital allocated to seed-stage investments.
Its mandate now accommodates artificial intelligence, healthcare access and other technology-enabled services where financial products are integral to the business model, rather than pursuing AI as a separate investment category.
Gulf Expansion Offers a Commercial Test
The fund’s portfolio includes Egyptian payments company Paymob, property platform Nawy and savings business Money Fellows, alongside UAE-based SME financier FlapKap and Accord Partners, an AI-driven accounting and auditing venture targeting Saudi Arabia.
Paymob provides evidence of the commercial opportunity. The company reported that Gulf revenue had increased sevenfold over 18 months, with GCC operations approaching half its total revenue, demonstrating how an Egyptian-founded fintech can build a substantial regional business.
Other investments extend Nclude’s reach into North and West Africa, including Money Fellows’ expansion towards Morocco and healthcare AI company Kera’s operations in Senegal and Côte d’Ivoire.
The wider economic benefit could extend beyond individual investments. In June 2025, Egypt’s central bank reported that every dollar invested by Nclude in startups operating in Egypt had helped attract an additional five dollars from foreign investors.
That historical financing leverage demonstrates the fund’s ability to mobilise outside capital, although it does not establish investment profitability or guarantee similar future results.
Growth Must Translate Into Returns
Regional expansion carries significant financial challenges. Fintech companies entering Gulf markets must meet different licensing requirements, establish local operations and fund customer acquisition while competing against established financial-services providers.
The additional expenditure could strain earnings unless customer growth generates sufficient recurring revenue. Regional diversification may reduce dependence on Egyptian demand, but it does not automatically improve profitability.
DPI has not disclosed Nclude’s remaining deployable capital or portfolio-level investment returns. Lewis has confirmed that capital remains available for further investments but declined to specify the amount.
The next indicators will be the performance of existing portfolio companies, the planned expansion towards 22–24 investments and the fund’s ability to realist returns through acquisitions, secondary sales or public listings.
For Egypt, Nclude represents more than a venture capital fundraising milestone. Its significance lies in mobilizing African institutional capital to build businesses capable of competing across regional markets.
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