DPI Venture Capital announced yesterday the final closing of Nclude Fund at over USD 112m, four years after its launch in Cairo to focus exclusively on the fintech sector in Egypt, according to a press release (PDF). In 2022, the fund reached approximately USD 105m following its second close, remaining at that size until Development Partners International (DPI) assumed its management last year. The final closing represents a net increase of around USD 7m, by our calculations. However, the statement did not disclose the contribution size of new investors. Ashley Lewis, Head of DPI Venture Capital and Managing Partner, stated: "At over USD 112m, we believe Nclude is right-sized for current market conditions," according to the release.
DPI assumed investment advisory services for Nclude Fund in 2025 through a restructuring process. The London-headquartered investment firm focuses on African markets, managing around USD 4bn in assets and co-investments. The new manager succeeded Dubai-based Global Ventures, which founded the fund. Since then, DPI has successfully attracted additional Limited Partners (LPs) and expanded the fund's scope; Nclude now deploys capital ranging from USD 500k to USD 10m in funding rounds from Seed to Series C, compared to an initial scope limited to Seed to Series B rounds at launch.
The fund's portfolio comprises 15 companies, including Nawy, which the fund backed alongside other investors in funding rounds valued at USD 52m, Paymob at USD 35m, and Money Fellows at USD 13m. Non-Egyptian companies also join this list, such as UAE-based SME financing platform FlapKap, healthcare AI applications company Susu (formerly Kera) operating in Senegal and Côte d'Ivoire, and AI-driven accounting services firm Accord Partners, which focuses on the Saudi market.
Egypt remains the primary market for the fund, but it may allocate up to 30% of its capital to companies in other parts of the Middle East and Africa, according to the statement. DPI is seeking companies capable of cross-market expansion, whether expanding from Egypt into the Gulf and North Africa or scaling into the Egyptian market from other countries in the region.
A promising fund attracting major venture players: Nclude Fund was established in March 2022 with a value of USD 85m under the management of UAE's Global Ventures, with Banque Misr as a primary anchor investor, alongside a USD 30m investment from National Bank of Egypt (NBE) and USD 25m from Banque du Caire. e-finance Investment Group committed to investing USD 10m, while Egyptian Banks Company (EBC) acquired an undisclosed stake. Mastercard also joined as an investor in the fund later that same year.
