DPI closes $112 million Nclude fund with 93% of capital from Africa
DPI Venture Capital has reached a final close of over $112 million for its Nclude Fund. Here's how it will invest it.
The DPI Venture Capital, a part of the Development Partners International, successfully closed its Nclude Fund with over $112 million in capital. The majority of the funds, 93%, were contributed by financial institutions in Africa, whereas only 37% came from African investors. This surpasses the total raised by all Africa-focused venture funds in 2025, which amounted to $107 million.
Nclude, a fintech-focused fund, was initially established in Egypt in 2022, with Banque Misr as its anchor investor and Bank Misr, Banque du Caire, and Egyptian Banks Company as strategic investors. After a restructuring, DPI Venture Capital took over management in 2025, changing the traditional African venture capital model that usually relies on development finance institutions and Western partners.
The fund now supports commercial institutional investors from various sectors, including fintechs and embedded finance providers.
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