DPI closes Egypt-born fintech fund Nclude at more than $112M

CAIRO — Nclude, the Egypt-born fintech venture fund now managed by DPI Venture Capital, has closed at more than $112 million, with 93 percent of the capital from African LPs.

The register reads like the Egyptian financial establishment: Banque Misr anchored, National Bank of Egypt put in $30 million, Banque du Caire $25 million, eFinance Investment Group $10 million, with the Egyptian Banks Company and Mastercard alongside.

The close is a lineage story. Nclude launched in March 2022 at $85 million, set up by Dubai's Global Ventures with central bank support. London-based DPI took over in an April 2025 restructuring when the fund stood at $105 million, making the final close a net $7 million of new money under new management. The mandate has widened from seed-to-Series B to seed-to-Series C, with cheques of $500,000 to $10 million and up to 30 percent deployable beyond Egypt.

The context makes the number look bigger. Dealroom counts just $107 million across six African final closes in all of 2025, down 87 percent year on year, none above $100 million.

Expect DPI to put the GCC exposure, FlapKap and Accord Partners among them, at the front of the next fundraise. A fintech fund beating the African market by that margin does not stay Africa-only for long.

EnterpriseAM first reported the close.