DPI Venture Capital Announces Final Close of Nclude Fund with Over $112 Million

• DPI Venture Capital has announced the final close of its Nclude investment fund with over $112 million, aimed at investing in tech startups in Africa and the Middle East. The fund was established in Egypt in 2022, before DPI Venture Capital took on the role of its investment advisor in 2025, following a restructuring process.
• • The fund focuses on fintech, financial inclusion, artificial intelligence, and tech-driven companies, with investments ranging from $500,000 to $10 million per company, starting from the Seed stage to Series C funding rounds. Egypt remains the fund's primary market, with 30% of its investment scope allocated to opportunities outside the country.
• • The Nclude fund has invested in 15 companies in Africa and the Middle East, including Egyptian companies Nawy, Paymob, and Money Fellows, the UAE's FlapKap, Senegal's Kera specializing in healthcare technology, and Accord Partners focusing on AI applications in accounting and auditing.
• • The final close will support new investments and regional expansion for portfolio companies, especially those expanding between Egypt and Gulf countries and other African markets. DPI Venture Capital is led by Managing Partner Ashley Lewis, alongside General Partner Mohamed Alaa El-Din.

Press Release:

DPI Venture Capital, the venture capital arm of Development Partners International (DPI), has announced the final close of the Nclude investment fund with over $112 million, supporting its next phase of investments in Africa and the Middle East.

The Nclude fund was established in Egypt in 2022 as a venture capital fund focusing on fintech. In 2025, DPI took on the role of investment advisor for the fund following a restructuring, coinciding with the launch of DPI Venture Capital, its platform specializing in venture capital investments. Since then, DPI Venture Capital has selectively expanded the fund's limited liability investor base by attracting additional investors whose strategic orientations align with its goals.

The investment strategy of Nclude focuses on fintech and companies relying on financial technology solutions and financial inclusion, supporting companies operating at the intersection of fintech, artificial intelligence, and emerging technologies. The fund invests in companies from the Seed stage to Series C funding rounds, with values ranging from $500,000 to $10 million per investment, allowing it to support companies at various stages of their growth.

Egypt is a primary market for the Nclude fund and a launchpad for companies with expansion potential in Africa and the Middle East. The fund also invests in other markets in the regions, with 30% of its investment scope allocated to opportunities outside Egypt, aiming to support companies capable of expanding across markets and building a regional presence.

So far, the Nclude fund has invested in 15 companies in Africa and the Middle East, including:

Nawy: An Egyptian company specializing in real estate technology, raised $52 million in a Series A funding round, coinciding with its expansion in the MENA region.

Paymob: An Egyptian company specializing in payment solutions, with operations in the UAE and other Gulf markets, raised $35 million in a Pre-Series C funding round, led by Mubadala and the European Bank for Reconstruction and Development (EBRD).

FlapKap: A fintech company based in the UAE, raised $34 million in a Pre-Series A funding round to support financing for small and medium-sized enterprises and expand in the Gulf Cooperation Council countries.

Money Fellows: A company that raised $13 million to support financial inclusion and expand in North African markets, including Morocco.

Kera: A company specializing in using AI to facilitate access to healthcare services, operating in Senegal and Côte d'Ivoire.

Accord Partners: A company adopting an acquisition and merger strategy using AI, focusing on the accounting and auditing sectors, currently targeting the Saudi market and the broader MENA region.

Ashley Lewis, Managing Partner and Head of DPI Venture Capital, stated:

<<When we took on the role of investment advisor for the Nclude fund, we inherited the responsibility of managing an already established fund, based on a strong investment thesis centered around enhancing financial inclusion in Africa and the Middle East. We have worked to develop an investment portfolio that aligns with this core thesis, building on the existing foundations by activating a broader investment mandate for the fund across the region.

This included expanding into areas such as affordable insurance, enabling healthcare services, facilitating access to credit for small and medium-sized enterprises, and helping individuals save and invest for the future. At the same time, we have selectively expanded the fund's investor base by attracting additional investors whose strategic orientations align with our goals.>>

Lewis added:

<<With the fund exceeding $112 million, we believe that Nclude is well-sized for current market conditions, giving us the financial capacity to invest with discipline and support ambitious founders in their journey to transform their companies from strong local businesses into leading regional tech companies.>>

For his part, Mohamed Alaa El-Din, General Partner at DPI Venture Capital, said:

<<We observe through our portfolio companies that ambitious tech companies are increasingly looking to expand beyond their local markets as they grow. The growing links between Africa and the Middle East provide opportunities for companies to reach new customers and markets, whether by expanding from Egypt to Gulf countries, across North African markets, or entering the Egyptian market from other regional markets.

Companies like Nawy, Paymob, Money Fellows, and FlapKap demonstrate the potential to build regionally leading tech companies from these markets.>>

Sofiane Lahmar, CEO of Development Partners International, stated:

<<As DPI is one of the leading investment firms in Africa, it has a long track record of supporting fast-growing African companies at various stages of their development.

By embedding venture capital as a core part of our investment platform, we can combine the specialized expertise of DPI Venture Capital with the networks, capabilities, and investment expertise of the parent company.

This enhances our ability to support ambitious tech companies as they expand in Africa and the Middle East, achieving strong returns for our investors while contributing to enhancing financial inclusion in the region.>>

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