In a move that demonstrates the growing cross-border integration of Africa’s venture capital ecosystem, UK-based private equity firm Development Partners International (DPI) has launched a dedicated venture capital platform and taken over the advisory reins of Nclude, Egypt’s flagship $105 million fintech-focused fund.

The newly established DPI Venture Capital marks a significant evolution in the investment firm’s strategy, expanding its footprint into early-stage technology deals across Africa and the Middle East. Traditionally known for backing growth-stage companies, DPI’s pivot comes at a time when the continent’s startup scene is recalibrating following a period of heightened international investor retreat.

At the heart of this strategic expansion is Nclude, a Cairo-based venture fund launched in 2022 with strong government support and a mandate to accelerate financial inclusion through technology. The fund has so far deployed over $28 million into nine companies, including Egypt’s fintech standouts like Paymob, Khazna, Flapkap, and Connect Money. These investments span a range of verticals from digital payments to agri-finance, targeting the underserved segments of Egypt’s economy.

Now under DPI’s investment advisory management, Nclude becomes part of a broader ambition to scale impact-driven tech startups across emerging markets. The arrangement was formalized through a fund restructuring transaction, enabling DPI to assume control of Nclude’s existing assets and future capital deployment. The full financial details of the transaction have not been disclosed.

“By establishing DPI Venture Capital, we’ve taken a meaningful step toward providing our investors with access to Africa’s most innovative businesses from their inception,” said Runa Alam, DPI’s Co-Founder and CEO. “The Nclude transaction allows us to build on our track record of investing in technology-led growth, especially in high-impact sectors such as financial services.”

The DPI Venture Capital platform will be led by Ashley Lewis, Managing Partner and Head of Venture Capital, alongside Mohamed Aladdin, who joins as General Partner with a team based in Egypt. The platform will focus on early-stage, growth-oriented technology businesses throughout Africa and the wider Middle East, drawing on DPI’s existing presence in over 40 African markets and its experience managing more than $3 billion in assets.

For DPI, Egypt remains a cornerstone of its regional investment strategy. The firm has committed nearly $850 million to Egyptian businesses over the past decade, backing companies such as MNT-Halan, a fintech and logistics firm, and Kazyon, a discount retail chain. DPI’s deeper integration into Egypt’s startup ecosystem via Nclude signals a long-term commitment to digital transformation in the country.

State Support and Strategic Signaling

Nclude’s origins are deeply tied to Egypt’s national economic agenda. The fund was launched in partnership with state-owned financial institutions including Banque Misr, National Bank of Egypt, and Banque du Caire, with Banque Misr anchoring the initial $85 million commitment. Additional backing came from the eFinance Investment Group, Egyptian Banks Company (EBC), and Mastercard. The Central Bank of Egypt played a facilitative role in the fund’s creation, seeing fintech as instrumental to achieving the country’s Vision 2030 for financial inclusion and digital modernization.

“We’re not trying to change the direction of Nclude’s investments,” said DPI’s Lewis. “Instead, we want to build on the fund’s early momentum and bring more institutional discipline, connectivity, and cross-market expansion capability.”

Egypt remains one of Africa’s fastest-growing fintech markets, with over half of its adult population still outside the formal financial system. Startups like Khazna, which offers salary advances and financial planning for informal workers, and Mozare3, which provides embedded credit for smallholder farmers, reflect the demand for tailored digital financial products.

The fund also permits up to 30% of its capital to be deployed in startups elsewhere in Africa and the Middle East — with an eye towards helping them expand into Egypt, which DPI sees as a strategic springboard for regional scale-ups.

Changing of the Guard

DPI’s assumption of Nclude’s advisory role follows the quiet exit of Global Ventures, the Dubai-based venture capital firm that helped manage Nclude’s early phase. Global Ventures has an established track record in Egypt, having previously backed startups such as Thndr, Yodawy, and Sympl. With DPI’s entry, the baton is now passed to a firm with deeper pan-African capital reach and private equity experience.

DPI’s foray into venture capital comes at a time of shifting fortunes for Africa’s tech sector. After a brief surge in capital inflows in 2020–2021, funding levels have slowed, prompting concerns about the sustainability of the ecosystem. But DPI sees this as an opportunity. Last year, the firm led a $110 million investment in Nigerian fintech Moniepoint, elevating it to unicorn status.

“We saw a lot of international investors enter Africa at the peak of the tech boom, and then pull back,” said Lewis. “That leaves a significant funding gap. Our goal is to step in with long-term capital and help build resilient, scalable companies that solve real problems for consumers at the base of the pyramid.”

With Nclude, DPI gains an operational platform in fintech — the most capitalized startup sector on the continent — and a gateway into early-stage investing. While the firm has previously invested in digital enablers through its growth equity vehicles, this move allows DPI to influence innovation at a foundational stage. The firm’s broader investment thesis — targeting businesses serving Africa’s growing middle class — remains intact, but now extends to a generation of founders building core infrastructure for digital economies.

As DPI Venture Capital begins charting its path, Egypt will serve as both a testing ground and a launchpad. In a region where capital scarcity is a frequent constraint, DPI’s entry brings new resources — and expectations — to a fintech ecosystem that has long been championed as a lever for economic transformation.

Whether DPI’s bet on early-stage investing will deliver returns commensurate with its growth equity legacy remains to be seen. But with this shift, the firm joins a small but growing cadre of African-focused investors looking beyond the headline valuations and into the harder business of building enduring companies from the ground up.