Introduction

DPI Venture Capital, the early-stage arm of Development Partners International, has finalized a $112 million close for its Nclude Fund, representing one of the largest venture capital closes in recent African tech history. The fund stands out with 93% of its capital sourced from African financial institutions, signaling a pivotal shift toward locally anchored investment.

What Happened

The Nclude Fund launched in 2022 as an Egypt-focused fintech vehicle, initially anchored by Banque Misr and backed by Egypt’s largest banks. After DPI assumed advisory and management roles in 2025, the fund expanded its scope beyond Egypt, broadened its stage range from seed to Series C, and carved out a mandatory 10% allocation for seed-stage deals. Since taking the helm, DPI has deployed capital into 15 companies, including notable names such as Egyptian proptech Nawy, digital payments infrastructure provider Paymob, and revenue-based financing platform FlapKap, while maintaining a disciplined approach to follow-on investments and portfolio support.

Why This Matters

The scale of the close—exceeding the total raised by all Africa-focused venture funds in 2025 combined—underscores a rare moment of momentum in an otherwise compressed market. More importantly, the 93% African-sourced capital challenges the traditional model where development finance institutions and Western limited partners typically anchor new funds. By proving that commercial capital can originate from within the continent, Nclude offers a blueprint for how African-led funds can sustain growth without relying on external development capital.

Key Takeaways

  • The fund targets core fintechs and embedded finance providers, with check sizes ranging from $500,000 to $10 million across seed through Series C stages.
  • At least 10% of commitments are reserved for seed deals, and up to 30% of capital may be deployed outside Egypt into other African or Middle Eastern markets.
  • Portfolio companies are building financial products directly into their core models, from mortgage platforms to AI-driven accounting tools, creating compounding value for consumers and small businesses.
  • DPI’s value creation team also supports portfolio expansion, governance, and exit preparation through IPOs, strategic sales, and management buybacks.

Conclusion

With $112 million deployed across a growing portfolio and a clear mandate to finance underserved markets through technology, Nclude Fund exemplifies a new path for African venture capital—one driven by local financial expertise, strategic stage diversification, and a deep commitment to financial inclusion. As the fund approaches its full complement of 22 to 24 investments, it will be closely watched as a test case for locally-led, commercially sustainable venture capital on the continent.