DPI’s Nclude fintech fund reaches final close at over $112 million

DPI’s Nclude fintech fund has closed at over $112 million. DPI Venture Capital announced the final close of its Nclude Fund at more than $112 million to back technology companies across Africa and the Middle East. Ashley Lewis, managing partner and head of DPI Venture Capital, told TechCabal that virtually all the capital was committed by financial services institutions, with 93 percent originating from within Africa. By comparison, African investors supplied just 37 percent of the funding secured by the continent’s startups in the first half of 2026, according to TechCabal Insights. At $112 million the close exceeds the combined total raised by all Africa-focused venture funds in 2025, when the African Private Capital Association recorded six final closes totaling $107 million. Nclude was established in Egypt in March 2022 with support from the Central Bank of Egypt. Banque Misr, National Bank of Egypt and Banque du Caire were among its early backers. DPI Venture Capital, the venture arm of Development Partners International, assumed investment advisory management of the fund in 2025 following a restructuring. At that time the fund had $105 million in assets under management and had invested more than $28 million across nine transactions. The fund can invest up to 30 percent of its commitments outside Egypt in the wider Middle East and Africa region. The fund invests in fintech, fintech-enabled businesses and companies at the intersection of financial technology, artificial intelligence and emerging technologies. It writes equity Cheques between $500,000 and $10 million from seed stage through Series C. It has backed 15 companies over the past 18 months. Lewis expects the portfolio to mature at between 22 and 24 investments, with at least 10 percent of capital allocated to seed-stage companies. Portfolio companies include Egyptian proptech Nawy, which raised a $52 million Series A; Egyptian payments company Paymob, which raised $35 million in a pre-Series C led by Mubadala and the EBRD; UAE-based FlapKap, which raised $34 million; Egyptian Money Fellows, which raised $13 million; Kera, a healthcare AI company in Senegal and Côte d’Ivoire; and Accord Partners, focused on Saudi Arabia. DPI has not published the exact final close amount beyond “more than $112 million” or the amount of capital still available for new investments. Those details would show the remaining dry powder and the pace of deployment. The firm has not published the share of the portfolio by country or the average valuation at entry. Development Partners International manages more than $3 billion in assets across Africa. Lewis said the fund gives the team the ability to invest with discipline and support founders as they grow from local businesses into regional technology leaders. For founders the practical change is a larger pool of capital from a fund that already holds 15 companies and can write cheques up to $10 million. The value depends on whether the remaining capital is deployed at the same pace as the first 15 investments and whether the 93 percent African LP base continues to support follow-on rounds. The original target was $150 million. The $112 million close is below that figure, although Lewis said DPI did not set a rigid cap. Other regional funds have also raised capital focused on fintech and financial inclusion. Nclude pairs a majority African LP base with a mandate that includes the Middle East and investments at the intersection of fintech and AI. The firm has not published a comparison of its expected portfolio size with other Africa-focused funds that closed in 2025 or the number of companies that have received follow-on capital from the fund. The announcement does not list the limited partners added since DPI took over advisory or the amount invested since the $28 million figure reported in 2025. Those details would show the expansion of the investor base and the deployment since the restructuring. Without them the close remains a description of total commitments rather than a measured deployment track record. If DPI publishes the remaining capital available and the next investments, the close has a measurable follow-through. If the next update is only a restatement of the $112 million figure, the change for the market remains the same as the initial announcement. The figures missing are remaining dry powder and post-close deployment.