DPI Venture Capital closes Nclude fintech fund above $112 million

DPI Venture Capital held the final close of the Nclude Fund at more than $112 million, the venture platform of Development Partners International said on Oct. 27. The fund backs fintech, fintech-enabled and financial inclusion businesses, plus companies at the intersection of fintech, AI and emerging technology, across Africa and the Middle East.

DPI became its investment adviser in 2025 following a restructuring transaction and broadened the LP base with additional strategically aligned investors, HedgeCo News reported. Nclude was established in 2022 as a fintech-focused venture fund in Egypt, and the restructuring occurred alongside the launch of DPI Venture Capital.

An advisor building an emerging-market fintech sleeve will need to confirm that 30% of capital can be deployed outside Egypt, with Egypt remaining the core market.

The fund invests from seed through Series C with tickets of $500,000 to $10 million and has invested in 15 companies. The portfolio includes Egyptian proptech Nawy, which raised a $52 million Series A, and payments company Paymob, which raised $35 million in a pre-Series C led by Mubadala and EBRD. UAE-based SME lender FlapKap, savings platform Money Fellows, health access company Kera and Accord Partners, an AI roll-up focused on accounting and auditing in Saudi Arabia and the broader region, are also in the book.