> ## Content Index > Fetch the complete content index at: https://www.africainvestorreview.com/llms.txt > Use this file to discover other available public pages before exploring further. # DPI Venture Capital Reaches Final Close Above $112M for Nclude Fund with 93% African Capital - URL: https://www.africainvestorreview.com/dpi-venture-capital-reaches-final-close-above-112m-for-nclude-fund-with-93-african-capital/ - Published: 2026-10-27T11:13:28.000Z - Updated: 2026-10-27T11:16:27.000Z - Description: The early-stage arm of private equity firm Development Partners International completes fundraising for its fintech-focused vehicle, anchored by commercial financial institutions across Africa and the Middle East. - Author: Charles S. - Tags: Venture Capital, North Africa **LONDON & CAIRO** — **DPI Venture Capital**, the early-stage investment arm of pan-African private equity manager [**Development Partners International (DPI)**](https://www.linkedin.com/company/development-partners-international/about/?ref=africainvestorreview.com), which holds more than **$3.0 billion** in assets under management (AUM), has achieved a final close of over **$112.0 million** for its **Nclude Fund**. Managing Partner and Head of DPI Venture Capital [**Ashley Lewis**](https://www.linkedin.com/in/aslewis/?ref=africainvestorreview.com) confirmed that nearly **100% of the committed capital** originated from financial services corporations, with **93% of LPs based in Africa**. The close represents a structural pivot from traditional African venture capital architectures, which historically rely on Development Finance Institutions (DFIs) and Western limited partners. ## The Daily Brief We deliver daily breakdown of dealmaking, capital flows, and market insights across Africa. Subscribe Email sent! Check your inbox to complete your signup. 100% free. Unsubscribe anytime. ## Fund Origin, Restructuring, & Mandate Evolution Initially launched in March 2022 under the oversight of the [**Central Bank of Egypt**](https://www.linkedin.com/company/cbe/home/?ref=africainvestorreview.com), the Nclude Fund was anchored by [**Banque Misr**](https://www.linkedin.com/company/banque-misr/home/?ref=africainvestorreview.com), alongside strategic commitments from [**National Bank of Egypt**](https://www.linkedin.com/company/national-bank-of-egypt/home/?ref=africainvestorreview.com), [**Banque du Caire**](https://www.linkedin.com/company/bdcegypt/home/?ref=africainvestorreview.com), [**Egyptian Banks Company**](https://www.linkedin.com/company/egyptian-banks-company/home/?ref=africainvestorreview.com), [**e-Finance**](https://www.linkedin.com/company/e-finance/home/?ref=africainvestorreview.com), and [**Mastercard**](https://www.linkedin.com/company/mastercard/home/?ref=africainvestorreview.com). Originally managed by Global Ventures, DPI assumed leadership of the fund as adviser in 2025, establishing DPI Venture Capital as its operational manager: - **Asset Scale vs Target:** When DPI assumed management in 2025, the fund held **$105.0 million** in assets against its initial **$150.0 million** target. DPI selected a commercial institutional LP strategy rather than setting a rigid fundraising cap. - **Investment Stages & Cheque Sizes:** Under DPI, the investment mandate expanded from seed through **Series C**.Equity cheque sizes range from **$500,000 to $10.0 million**, with at least **10% allocated specifically for seed-stage investments**. - **Geographic Flexibility:** While maintaining an operational focus on Egypt, up to **30% of the fund's capital** is earmarked for cross-border investments across wider African and Middle Eastern markets. - **Sector Focus & AI Integration:** Focuses on core fintech, embedded finance, and AI-native applications that enhance financial inclusion, workplace productivity, and audit efficiency. ## Portfolio Deployment & Active Positions The fund has backed **15 companies** to date, with DPI targeting a fully built-out portfolio of **22 to 24 companies**: - **Nawy:** Egyptian proptech and real estate mortgage distribution platform ($52M Series A). - **Paymob:** Egyptian digital payments infrastructure provider ($35M pre-Series C led by Mubadala and EBRD). - **FlapKap:** UAE-based revenue-based financing platform for SMEs ($34M raise). - **Money Fellows:** Egyptian digitized Rotating Savings and Credit Association (ROSCA) platform ($13M raise). - **Kera:** Healthcare AI infrastructure provider operating across Senegal and Côte d’Ivoire. - **Accord Partners:** AI-driven corporate audit and accounting consolidation aggregator operating in Saudi Arabia. ## Executive Insights > "There is a lot of discussion about how funds can move beyond the DFI-backed model to more commercial funding, and I think Nclude and DPI Venture Capital show that there are working paths to capital from unusual sources," stated [**Ashley Lewis**](https://www.linkedin.com/in/aslewis/?ref=africainvestorreview.com), Managing Partner and Head of DPI Venture Capital. "Nearly 100% of the funding came from financial services organisations, and 93% of the capital came from Africa. That 93% matters: sourcing capital directly from Africa to back African founders and solutions." --- ### The Intelligence Engine for African Private Capital Access complete transaction breakdowns, fund strategy updates, and market commentary directly on our platform. [Become a member](#/portal/signup)