Grace Ashiru
Egyptian venture capital fund Nclude has reached a final close of more than $112 million, strengthening its ability to finance technology startups across Africa and the Middle East as demand for financial innovation continues to grow.
The fund operates under the investment advisory management of DPI Venture Capital, the dedicated venture capital platform of Development Partners International (DPI).
Originally established in Egypt in 2022, Nclude underwent a restructuring in 2025 that brought DPI on board as its investment adviser. Since then, the firm has expanded the fund’s investor base and strengthened its regional investment strategy.
Nclude primarily targets financial technology businesses, companies developing solutions that improve financial inclusion, and startups combining fintech with artificial intelligence and other emerging technologies.
The fund provides investments ranging from $500,000 to $10 million, supporting companies at different development stages, from seed funding through Series C.
Egypt remains its main investment market, although the fund can allocate up to 30% of its capital mandate to opportunities outside the country.
This geographical flexibility enables Nclude to support Egyptian businesses entering regional markets while also investing in promising startups elsewhere in Africa and the Middle East.
The fund has already backed 15 companies, establishing a portfolio that reflects its focus on financial services innovation and technology-driven business growth.
Its investment activities increasingly cover areas such as affordable insurance, healthcare accessibility, financing for small and medium-sized enterprises, and digital savings and investment solutions.
Ashley Lewis, Managing Partner and Head of DPI Venture Capital, explained that the firm’s involvement has helped expand Nclude’s investment activities while maintaining its original emphasis on financial inclusion.
Lewis also highlighted the importance of supporting entrepreneurs capable of developing successful local companies into competitive regional businesses.
The final close provides Nclude with additional investment capacity to support startups developing products for underserved consumers and businesses.
The development comes as African technology companies increasingly seek institutional capital to expand beyond their domestic markets.
For Egypt’s startup ecosystem, Nclude’s expanded investment capacity represents another opportunity for emerging businesses to access venture financing, develop new financial services, and pursue growth across international markets.
