A Major Funding Milestone for African Fintech
Egyptian venture capital fund Nclude has reached a final close of more than $112 million, expanding its capacity to support technology startups across Africa and the Middle East.
The fund's latest milestone strengthens its position as a regional investment platform supporting startups at different stages of growth.
Where Will the $112 Million Fund Go?
Nclude focuses on fintech, fintech-enabled businesses and companies developing solutions at the intersection of financial technology and artificial intelligence.
Its investment strategy covers several areas, including:
Digital Payments: Supporting businesses developing accessible and efficient payment solutions.
SME Financing: Improving access to credit and financial services for small and medium-sized enterprises.
Financial Inclusion: Expanding access to affordable financial products, insurance and digital financial services.
AI and Emerging Technology: Backing businesses applying AI and other technologies to financial and related industries.
Savings and Investments: Supporting solutions that help individuals manage money and build financial security.
The fund invests from seed stage through Series C, with individual investments ranging from $500,000 to $10 million.
Egypt remains its primary investment market, while 30% of its investment mandate is available for opportunities outside Egypt across Africa and the Middle East.
A Growing Portfolio of Technology Companies
Nclude has already invested in 15 companies across the region. Its portfolio includes several businesses working in financial technology and related sectors.
Some notable companies include:
Paymob: An Egyptian digital payments company expanding across the Gulf region.
Money Fellows: A financial technology platform focused on savings and financial inclusion.
FlapKap: A UAE-based fintech providing financing solutions for small businesses.
Nawy: An Egyptian property technology company expanding across the Middle East and North Africa.
Kera: An AI-powered healthcare access company operating in Senegal and Côte d'Ivoire.
Accord Partners: An AI-focused venture targeting accounting and auditing services.
These investments reflect the fund's broader interest in technology businesses that can grow beyond their domestic markets.
DPI Venture Capital Expands Its Regional Investment Strategy
DPI became Nclude's investment adviser in 2025 following a restructuring transaction that also led to the launch of DPI Venture Capital.
According to Ashley Lewis, Managing Partner and Head of DPI Venture Capital, the fund has maintained its focus on financial inclusion while expanding into areas such as affordable insurance, healthcare access, SME credit and digital savings.
The strategy is designed to help promising local businesses develop into regional technology companies.
What This Means for Africa's Startup Ecosystem
The fund's final close comes at an important time for African technology startups seeking long-term investment to develop products and expand into new markets.
Fintech companies across the region continue to address challenges involving digital payments, financial accessibility, business lending and financial infrastructure.
Nclude's expanded investment capacity provides another source of institutional funding for startups working in these areas. Its regional approach could also encourage stronger connections between African and Middle Eastern technology ecosystems.
As fintech and AI increasingly intersect, investments in businesses that improve financial access and solve practical market challenges could play an important role in shaping the region's digital economy.
