Egypt’s Nclude VC Fund Reaches Final Close Above USD 112 M

Nclude, an Egyptian fintech-focused venture capital fund launched in 2022, has reached a final close of more than USD 112 M as it prepares to expand investments across Africa and the Middle East.

The fund came under the management of Development Partners International (DPI) in 2025, with the firm acting as investment adviser through its dedicated DPI Venture Capital platform.

Nclude invests between USD 500 K and USD 10 M in startups from seed to Series C, focusing on fintech, financial inclusion and fintech-enabled businesses, including those applying AI and other emerging technologies.

Egypt remains its core market, although up to 30% of its investment mandate can be deployed elsewhere in the region. The fund has backed 15 companies to date, with its portfolio also extending into affordable insurance, healthcare access and SME credit.