DPI Venture Capital announced on Tuesday, 27 October 2026, that it had reached a final close of more than $112 million for Nclude, a venture capital fund launched in Egypt in 2022 to back fintech and other technology businesses across Africa and the Middle East. The completed fundraising is intended to support companies working in fields such as payments, credit and financial inclusion.
The $112 million-plus figure is the fund’s total size at final close. It is not a fresh $112 million fundraising round by itself and does not mean all the money has been transferred to startups. Egyptian financial publication EnterpriseAM reported Nclude had reached $105 million at an earlier close in 2022. DPI did not specify the amount contributed by each additional investor in its announcement.
Investments can extend beyond Egypt
Nclude invests from seed through Series C, with individual tickets ranging from $500,000 to $10 million. Egypt remains the core market, although up to 30% of the fund’s mandate can be invested elsewhere in Africa and the Middle East. This is an authorised allocation, not confirmation the full share has already been deployed.
As of 27 October, Nclude had invested in 15 companies. Its portfolio includes payments company Paymob, community savings and financing provider Money Fellows, and FlapKap, a UAE-based fintech financing smaller businesses.
Another investment is Kera, which develops artificial intelligence tools for healthcare access and operates in Senegal and Ivory Coast. Its presence gives the Egypt-born fund an additional West African link, although the final-close statement does not disclose how much Nclude invested in Kera.
An advisory change in 2025
Development Partners International became Nclude’s investment adviser in 2025 following a restructuring and launched DPI Venture Capital at the same time. The platform has expanded the fund’s investor base and investment remit. Individual investments made from the fund must be distinguished from its newly announced aggregate capital commitments.