Egypt-founded venture capital fund Nclude has completed a final fundraising close of more than $112 million, strengthening its capacity to invest in financial technology, artificial intelligence and financial inclusion businesses across Africa and the Middle East. The October 27 closing announcement confirmed that DPI Venture Capital, a platform of Development Partners International, advises the fund, which already has investments in 15 businesses.
The milestone reflects an effort to build regionally scalable technology companies, although the total fund close should not be confused with new capital raised exclusively in 2026 or with money yet to be invested.
Key Overview
- Fundraising: Nclude reached a final close exceeding $112 million, with the exact total undisclosed.
- Investment size: Individual investments range from $500,000 to $10 million, spanning seed to Series C rounds.
- Geographical strategy: Egypt remains the principal market, while up to 30% of the mandate is available outside Egypt.
- Existing portfolio: The fund has backed 15 companies across Africa and the Middle East.
- Investment themes: Fintech, embedded financial services, SME credit, affordable insurance, healthcare access and AI-enabled businesses.
Nclude Expands Investment Capacity After DPI Restructuring
Established in Egypt in 2022 as a fintech-focused fund, Nclude entered a new phase when DPI took over its investment advisory mandate in 2025. At that point, an official restructuring announcement placed its assets under management at $105 million.
The increase to more than $112 million is therefore a final cumulative fund size rather than an entirely new $112 million cash injection. DPI says it has since broadened the pool of limited partners, or fund investors, while maintaining Nclude’s financial inclusion mandate. It has not disclosed the precise amount still available for new investments.
Ashley Lewis, managing partner and head of DPI Venture Capital, described the strategy as supporting businesses capable of moving from successful domestic operations into larger regional markets. This approach gives Nclude scope to participate in successive fundraising rounds as startups mature.
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Fifteen Investments Span Payments, SME Finance and AI
The published portfolio update identifies several businesses illustrating the breadth of the fund’s investment strategy.
They include Paymob, an Egyptian payments company expanding in Gulf markets; Money Fellows, which digitises savings and financing arrangements; and FlapKap, a UAE-based provider of financing for smaller businesses. Nclude has also backed Nawy, an Egyptian property technology company, Kera, which develops AI-enabled healthcare access solutions in Senegal and Côte d’Ivoire, and Accord Partners, focused on AI applications in accounting and auditing.
The companies’ widely reported fundraising rounds — including Nawy’s $52 million Series A and FlapKap’s $34 million pre-Series A — represent their broader financing transactions, not amounts invested by Nclude alone.
The portfolio shows how the fund’s original fintech mandate now overlaps with healthcare, property technology and enterprise AI where these models address financing or access barriers.
Egypt Remains the Base for Regional Expansion
Nclude can allocate up to 30% of its investment mandate to opportunities beyond Egypt, allowing participation in companies serving other African and Middle Eastern markets. This flexibility can support cross-border expansion by existing portfolio businesses and new investments in regional financial infrastructure.
Egypt’s role as the anchor market remains important, particularly for digital payments, consumer finance and SME services. However, operating across jurisdictions also exposes fintech investors to different licensing rules, currencies, consumer-protection requirements and funding conditions.
The final close provides a larger committed capital base, but its eventual impact will depend on deployment, follow-on investment performance and whether portfolio companies can grow sustainably across markets. For Africa’s technology funding ecosystem, Nclude represents another source of institutional venture financing rather than an immediate $112 million inflow into startups.
Sources: Development Partners International / Disrupt Africa / Tech In Africa / EgyptInnovate
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