DPI Venture Capital closes Nclude Fund at over $112 million

DPI Venture Capital has finalized the Nclude Fund at a valuation exceeding $112 million, targeting technology startups in Africa and the Middle East. The fund, launched in Egypt in 2022, was acquired by DPI Venture Capital in 2025 following a restructuring. Nclude aims to invest in fintech, financial inclusion, AI, and technology-enabled businesses, with a focus on companies from seed to Series C, each receiving investments ranging from $500,000 to $10 million.

The majority of the fund's investments are allocated to Egypt, with 30% available for opportunities outside the country. So far, Nclude has backed 15 companies across Africa and the Middle East, including Egyptian startups Nawy, Paymob, and Money Fellows, UAE-based fintech FlapKap, Senegal's healthtech Kera, and Accord Partners, which focuses on AI for accounting and auditing.

The final close of the fund will facilitate further investments and regional expansion for portfolio companies, particularly those scaling in Egypt, the Gulf, and other African markets.