Egypt’s fintech fund Nclude acquired by DPI, launched Africa-focused VC arm
Development Partners International LLP (“DPI”) is announcing the opening of DPI Venture Capital, which will focus on funding technology companies in Africa that are in their early stages and focused on growth.
In addition to expanding its strategy of investing in businesses that have a positive impact on Africa’s expanding middle class, DPI has spotted a special opportunity to assist startups. DPI’s current portfolio is embracing digitization to enhance access to a variety of goods and services for Africa’s expanding population. The organization has eighteen years of experience supporting expanding, innovation-led businesses. With operations in more than forty-three African nations and investments in almost a dozen industries, including technology-driven enterprises, DPI Venture Capital will be bolstered.
DPI began advising the Nclude Innovation Fund LP (“Nclude”), a prominent fintech fund in Egypt, following the completion of a fund restructuring transaction that coincided with the launch. DPI has assumed the investment advisory duties of the Fund, the biggest fintech-focused fund in Africa, following the completion of that transaction. In nine transactions since its founding in March 2022, Nclude has invested more than $28 million in businesses like Paymob, Khazna, Flapkap, and Connect Money. The biggest national banks in Egypt, such as Banque Misr, National Bank of Egypt, and Banque du Caire, have LPs supporting Nclude. Financial services-focused LPs e-Finance Investment Group, EBC, and Mastercard have also joined.
Nclude was introduced with the Central Bank of Egypt’s backing. Nclude can help these businesses grow into Egypt by investing up to 30% of its commitments in agreements in the larger Middle East and Africa region.
For DPI, Egypt is a priority market. The company has made almost $850 million in investments in Egypt over the past ten years, and through portfolio companies like MNT Halan and Kazyon, it has witnessed the power of digitization. As the investment adviser for Nclude, DPI will now provide advice on all of the US$105 million in assets managed by the Fund. DPI is working to make sure the fund helps raise financial inclusion in Egypt and create a flourishing FinTech ecosystem there.
The establishment of DPI Venture Capital and the closing of the Nclude deal solidify DPI’s standing as the leading private investment adviser with an emphasis on Africa and further the company’s goals of offering customers a variety of chances to make significant investments in the continent. Managing Partner Ashley Lewis is in charge of DPI Venture Capital, which has a seasoned group of venture capital experts, including Mohamed Aladdin, who recently joined as a General Partner.
Runa Alam, DPI Co-Founder and CEO, said, “By establishing DPI Venture Capital, DPI has fulfilled its long-standing ambition to provide investors with a range of investment strategies in Africa. The platform provides our limited partners with the opportunity to invest in Africa’s most exciting companies from their very beginning. The completion of the Nclude transaction is an opportunity to build on the success of our previous investments in technology-led companies and will empower our investors to add exposure to highly innovative growth-orientated businesses.”
Ashley Lewis, Managing Partner at DPI Venture Capital, said: “The African venture capital ecosystem is still underpenetrated and there is a fantastic opportunity for Africa-focused fund sponsors to make a significant impact on the ecosystem. DPI Venture Capital is excited to welcome the Nclude team, portfolio companies, and LPs to DPI and to expand on their experience and close relationships with Egypt’s leading investors and tech visionaries.”
