The Egypt-focused fund’s broader regional mandate supports companies developing financial services and technology that can expand access to finance for consumers and businesses.

Nclude has a portfolio of 15 companies and invests between $500,000 and $10 million per business, covering funding rounds from seed through Series C.

Its strategy includes fintech companies, businesses that incorporate financial services into their products, and companies combining financial technology with artificial intelligence and other emerging technologies.

“The Nclude Fund is rooted in improving financial inclusion across Africa and the Middle East,” said Ashley Lewis, managing partner of DPI Venture Capital.

“At over $112 million, this fund gives us the firepower to invest with discipline and support ambitious founders as they grow from strong local businesses into regional technology leaders.”

African investors supplied 93% of the fund’s capital, with financial services institutions accounting for virtually all commitments, Lewis told TechCabal.

That investor base makes Nclude a practical example of African institutions financing technology businesses through a dedicated venture capital fund.

Lewis said the portfolio is expected to grow to between 22 and 24 investments, while at least 10% of capital is allocated to seed-stage companies.

Established in March 2022 with support from the Central Bank of Egypt, Nclude counts Banque Misr, National Bank of Egypt, and Banque du Caire among its backers.

Other investors include e-Finance Investment Group, the Egyptian Banks Company, and Mastercard.

The involvement of banks and payments companies connects the fund’s financial inclusion strategy with institutions already active in delivering financial services.

DPI, the London-based Africa-focused investment firm, assumed investment advisory responsibilities for Nclude following a restructuring announced in April 2025, alongside the launch of DPI Venture Capital.

Its responsibilities cover the existing portfolio and advice on further investments.

At that time, DPI reported that the fund had $105 million in assets under management, making the latest announcement a final fundraising close for an established investment vehicle.

Egypt remains central to Nclude’s strategy, although the fund can invest up to 30% of its commitments in the wider Middle East and Africa region.

For the African investment market, the close demonstrates how domestic financial institutions can commit capital to technology companies seeking to broaden access to financial services and build regional businesses.