Development Partners International (DPI), a UK-based private equity firm focused on Africa, has taken a bold new step in shaping the continent’s tech ecosystem. DPI just acquired management of Egypt’s fintech fund, Nclude. Additionally, it announced the launch of DPI Venture Capital, its new arm targeting early-stage tech businesses across Africa.
About the Nclude Takeover by DPI
Originally founded by Global Ventures in 2022, Nclude raised $110 million with strong backing from Banque Misr, Egypt’s leading national bank. Since then, it has deployed $28 million into nine fintech startups, including:
- ✅ Partment
- ✅ Khazna
- ✅ Paymob
- ✅ Connect Money
- ✅ FlapKap
With DPI stepping in as the new investment adviser, the firm will now oversee $105 million in assets under the Nclude fund. This is further cementing its position as a key player in Africa’s fintech landscape.
Nclude isn’t just about Egypt. The fund can also invest up to 30% of its capital in startups across the Middle East and Africa. In effect, especially those companies looking to scale into the Egyptian market. Backed by a powerhouse of limited partners including Banque du Caire, National Bank of Egypt, Mastercard, and e-Finance Investment Group, Nclude is geared for cross-border impact.
Launching DPI Venture Capital after getting Nclude
The Nclude acquisition goes hand-in-hand with the launch of DPI Venture Capital, a new platform designed to fund Africa’s early-stage, innovation-driven startups. The focus? Tech businesses that cater to Africa’s growing middle class and digitize access to services.
Key sectors for investment include:
- ✅ Fintech
- ✅ Healthtech
- ✅ E-commerce
- ✅ AI and cloud-based platforms
DPI Venture Capital will be led by Managing Partner Ashley Lewis, and the team includes seasoned venture pros like Mohamed Aladdin, who joins as General Partner.
Egypt Remains a Strategic Focus
DPI isn’t new to Egypt — in fact, it has already invested $850 million in the country over the past decade. Its portfolio includes major names like MNT Halan and Kazyon, which have demonstrated the transformative power of digitization in underserved communities.
By adding Nclude to its roster, DPI strengthens its mission to support financial inclusion, build Egypt’s fintech infrastructure, and scale tech solutions that reach everyday users.
Leadership Speaks
Runa Alam, Co-founder and CEO of DPI, shared:
“With DPI Venture Capital, we’re realizing a long-standing dream to support Africa’s most promising startups from the ground up. Taking over Nclude allows us to continue backing innovation that fuels growth and inclusion.”
Ashley Lewis, Managing Partner, added:
“Africa’s VC ecosystem is still in its early days. With the addition of Nclude’s strong team and portfolio, we’re uniquely positioned to make a lasting impact on the continent’s digital future.”