Latest fund size
$112M
Announced
October 28, 2026
Global HQ
Egypt
Members only
Check size
$500K-$10M
Members only
Stage focus
Seed, Series A, Series B, Series C
Members only
Regions of investment
Africa, Middle East
Members only
DPI Venture Capital is the venture investing arm of Development Partners International (DPI), a London-based private equity firm with roughly $4 billion in assets under management. Launched in 2025, DPI Venture Capital took over management of the Nclude Fund, a dedicated Egyptian fintech fund originally set up in Cairo by Global Ventures in 2022 with anchor backing from Banque Misr, the National Bank of Egypt, Banque du Caire, eFinance Investment Group, and Mastercard.
Ashley Lewis, Managing Partner and Head of DPI Venture Capital
Mohamed Aladdin, General Partner, DPI Venture Capital
Runa Alam, Co-Founder and Chair, DPI
Members only
Names, roles, emails and LinkedIn profiles for the team, plus the fund's website.
DPI Venture Capital invests through the Nclude Fund in fintech companies that can grow across markets, either expanding from Egypt into the Gulf and North Africa, or entering Egypt from elsewhere in the region.
The fund writes checks of $500,000 to $10 million from seed through Series C, with up to 30% of the fund available for companies based elsewhere in Africa and the Middle East outside Egypt.
Members only
What the fund looks for in founders and which sectors it backs.
DPI closed the Nclude Fund at more than $112 million, adding roughly $7 million in new commitments to the $105 million the fund held after its 2022 second close.
The fund launched in Cairo in 2022 with an $85 million target, anchored by Banque Misr and backed by the National Bank of Egypt, Banque du Caire, eFinance Investment Group, and the Egyptian Banks Company, with Mastercard joining later that year.
DPI took over as the fund's investment advisor in 2025 as part of a broader restructuring that also launched DPI Venture Capital as a new pan-African and Middle East venture platform. The fund has backed 15 companies to date, including Nawy, Paymob, Money Fellows, FlapKap, Kera, and Accord Partners.
Members only
Fund size, LPs and track record.
Leadership
Ashley Lewis serves as Managing Partner and Head of DPI Venture Capital. DPI as a whole was co-founded by Runa Alam, who serves as Co-Founder and Chair.
Investment Strategy
The Nclude Fund writes checks of $500,000 to $10 million from seed through Series C, focused on fintech companies that can expand across Egypt, the Gulf, North Africa, and the broader Middle East, with up to 30% of the fund reserved for companies based outside Egypt.
Notable Investments
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Leadership, investment strategy, notable investments and exits.
