DPI Closes Nclude Fund at Over $112 Million to Back African and Middle Eastern Tech Startups

DPI Venture Capital has announced the final close of the Nclude Fund at over $112 million. The fund will support the next phase of investment across Africa and the Middle East.

The announcement was made in London on 27 October 2026. Nclude was established in 2022 as a fintech-focused venture capital fund in Egypt, and DPI became its investment adviser in 2025 following a restructuring transaction, alongside the launch of DPI Venture Capital as its dedicated venture capital platform.

Nclude focuses on fintech, fintech-enabled businesses and financial inclusion. It also supports companies at the intersection of fintech, AI and emerging technology.

The fund invests from seed through Series C. Individual investments range from $500,000 to $10 million, allowing it to back businesses at different stages of their growth.

Egypt is a core market for Nclude and a launchpad for businesses with the potential to scale across Africa and the Middle East. The fund also invests across the wider Africa region and the Middle East, with 30 percent of its mandate available for investment outside Egypt.

To date, Nclude has invested in 15 companies across Africa and the Middle East. The portfolio includes Nawy, the Egyptian proptech company that raised a $52 million Series A as it expands across MENA, and Paymob, the Egyptian payments business with operations across the UAE and wider Gulf that raised $35 million in a pre-Series C round led by Mubadala and EBRD.

It also includes FlapKap, a UAE-based fintech that raised $34 million in a pre-Series A round to support SME finance and GCC expansion, and Money Fellows, which raised $13 million to support financial inclusion and expansion across North Africa, including Morocco.

The portfolio extends beyond those four names. Kera is a health access AI company operating across Senegal and Côte d’Ivoire, while Accord Partners is an AI roll-up venture focused on the accounting and auditing space with an immediate focus on Saudi Arabia and the broader MENA region.

At over $112 million, we believe Nclude is appropriately sized for today’s market, giving us the firepower to invest with discipline and support ambitious founders as they grow from strong local businesses into regional technology leaders.

Ashley Lewis, Managing Partner and Head of DPI Venture Capital.

Why this matters

The structure of the fund matters as much as its size. A mandate that runs from seed through Series C, with cheques from $500,000 to $10 million, lets Nclude stay with a company as it grows, rather than backing it once at a single stage.

The 30 percent mandate outside Egypt is the regional story in numbers. On a fund of over $112 million, that is more than $33.6 million available for investments beyond the core market, which is the capital that can follow Egyptian companies into the Gulf and other African markets.

The portfolio already shows that bridge working in both directions. Paymob and FlapKap have Gulf operations and expansion plans, while Kera and Accord Partners show the fund reaching into West Africa and Saudi Arabia, not just its home market.

For the UAE, the read-across is direct. FlapKap is UAE-based, Paymob operates across the UAE and wider Gulf, and the fund’s stated aim is to back businesses that can expand between markets and build regional scale, which is exactly the Egypt to Gulf corridor that is now producing regional technology leaders.