DPI closes $112M Nclude fund, with 93% of capital raised in Africa
What's the deal? DPI Venture CapitalDealroom has a profile for this one. Try Dealroom →, managed by Development Partners InternationalDealroom has a profile for this one. Try Dealroom →, has reached a final close of more than $112 million for its fintech-focused Nclude Fund. Notably, 93% of the commitments came from African investors.
Why now? The close stands out against a weak fundraising backdrop. Africa-focused venture funds raised just $107 million across six final closes in 2025 — an 87% drop from 2024 — and none reached $100 million.
What's the endgame? The fund gives DPI a sizeable pool for its expanded fintech mandate across the continent. Nclude began as an Egypt-focused fintech vehicle before DPI took over advising it in 2025.
The signal: The heavy reliance on local capital hints at a shift in how African venture gets funded. African investors supplied 37% of startup funding in the first half of 2026, a change from a market long anchored by international backers and development finance institutions.
Read more: li-holdings.co.uk
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