Nclude, the venture fund launched in Egypt and advised by DPI Venture Capital, has closed at more than $112 million to invest in technology companies across Africa and the Middle East.
The fund has invested in 15 companies spanning fintech, artificial intelligence and financial inclusion. It backs startups from seed to Series C, with individual investments ranging from $500K to $10M.
Egypt remains Nclude’s core market, while 30% of its investment mandate is available for opportunities outside the country. The strategy targets businesses seeking to expand beyond their home markets and connect with customers across African and Gulf economies.
Nclude launched in 2022 as a fintech-focused fund. DPI became its investment adviser in 2025 following a restructuring and has since expanded the fund’s investor base.
Its portfolio includes Egyptian proptech Nawy, payments company Paymob, UAE-based SME finance provider FlapKap and financial inclusion platform Money Fellows. The fund has also invested beyond financial services, including in Kera, which uses AI to improve healthcare access, and Accord Partners, an AI-driven accounting and auditing company.
The final close gives Nclude more capital to support regional expansion among its portfolio companies and invest in businesses applying technology to healthcare, SME financing and other areas of financial inclusion.
Source: Waya
