Private equity investor Development Partners International (DPI) has officially announced the launch of DPI Venture Capital, a new initiative aimed at targeting investments in early-stage, growth-oriented technology businesses across the African continent. This strategic move reflects DPI’s recognition of the significant opportunity to support nascent companies and further its mission of investing in enterprises that contribute positively to the burgeoning middle class in Africa.
The launch of DPI Venture Capital coincides with a pivotal moment for the firm, marked by the successful completion of a fund restructuring transaction. As part of this restructuring, DPI has taken on the role of investment advisor for the Nclude Innovation Fund, a prominent fintech fund based in Egypt. This fund is notable for being the largest fintech-focused fund in Africa. Since its inception in March 2022, Nclude has made substantial strides, investing over $28 million across nine transactions in various innovative companies, including notable names such as Paymob, Khazna, Flapkap, and Connect Money.
The fund enjoys backing from limited partners that include Egypt’s largest national banks—Banque Misr, National Bank of Egypt, and Banque du Caire—as well as financial services-focused investors like e-Finance Investment Group, EBC, and Mastercard. Notably, Nclude has the flexibility to allocate up to 30% of its commitments to deals in the broader Middle East and Africa region, facilitating the expansion of companies into the Egyptian market.
Egypt remains a key focus for DPI, which has invested nearly $850 million in the country over the past decade. With DPI now serving as the investment advisor for Nclude, the firm will oversee the entirety of the fund’s assets, which total $105 million. DPI Venture Capital is spearheaded by managing partner Ashley Lewis, who leads a dedicated team of venture capital professionals, including Mohamed Aladdin, who has joined as a general partner.
Runa Alam, co-founder and CEO of DPI, expressed enthusiasm about the new venture, stating, “By establishing DPI Venture Capital, DPI has fulfilled its long-standing ambition to provide investors with a diverse range of investment strategies in Africa. This platform offers our limited partners the unique opportunity to invest in some of Africa’s most exciting companies right from their inception. The successful completion of the Nclude transaction allows us to build on our previous successes in technology-led investments and empowers our investors to gain exposure to highly innovative, growth-oriented businesses.”
Ashley Lewis, managing partner at DPI Venture Capital, added, “The African venture capital ecosystem remains underpenetrated, presenting a remarkable opportunity for Africa-focused fund sponsors to make a significant impact. We are thrilled to welcome the Nclude team, its portfolio companies, and limited partners to DPI, and we look forward to leveraging their experience and strong relationships with Egypt’s leading investors and tech visionaries.”
