Development Partners International (DPI), through its venture capital arm, DPI Venture Capital, has reached the final close of its Nclude Fund at more than $112 million, with 93% of its capital commitments coming from African investors. Announced in October 2026, the milestone highlights the growing role of African financial institutions in financing technology businesses and expanding access to financial services.
The fund’s close is particularly significant amid a challenging fundraising environment for African venture capital. According to Dealroom, Africa-focused venture funds recorded only $107 million across six final closes in 2025, an 87% decline from the previous year. Nclude’s final size therefore exceeds the combined total raised by those funds.
Nclude was launched in Egypt in March 2022 as a fintech investment vehicle managed initially by Dubai-based Global Ventures. Development Partners International took over as investment adviser in 2025 following a restructuring and established DPI Venture Capital to oversee the fund’s strategy.
The fund supports fintech and fintech-enabled businesses across Africa and the Middle East, targeting companies that can improve access to financial services for consumers and businesses. Its investment range has expanded from seed-stage funding to Series C, allowing it to support startups at different stages of development.
Nclude typically invests between $500,000 and $10 million per company. Its portfolio includes Egyptian payments company Paymob, real estate technology platform Nawy and digital savings business Money Fellows. Other investments include FlapKap, Kera and Accord Partners, reflecting its broader interest in businesses combining technology with financial services.
The most notable feature of the fundraise is the origin of its capital. DPI managing partner Ashley Lewis told TechCabal that 93% of commitments came from Africa, with financial services institutions accounting for virtually all the funding.
The composition challenges the conventional model in which African venture funds often depend heavily on international investors and development finance institutions. Greater participation by African banks and other financial institutions could create stronger connections between local capital and businesses addressing regional market needs.
However, the figure refers to the source of Nclude’s capital commitments, not the proportion of all African startup funding supplied by local investors. It also does not establish that domestic capital alone can meet the continent’s wider financing requirements.
Although Egypt remains the fund’s core market, Nclude can allocate up to 30% of its capital to opportunities elsewhere in Africa and the Middle East. The strategy gives portfolio companies room to expand into additional markets while allowing the fund to pursue opportunities beyond its original geographic focus.
DPI expects the portfolio to grow from 15 companies to approximately 22–24 investments over the fund’s lifetime. At least 10% of capital is reserved for seed-stage investments, supporting earlier-stage businesses alongside more established companies.
Nclude’s final close demonstrates that African financial institutions can play a substantial role in financing technology-led growth. Its long-term impact will depend on how effectively the fund deploys capital, supports founders and generates sustainable returns.
For African startups, the development offers a promising signal: regional investors are increasingly capable of backing businesses seeking to improve financial inclusion and scale across borders.
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