DPI closes $112M Nclude fund with 93% of capital from Africa

DPI Venture Capital has reached a final close of over $112 million for its Nclude Fund. Nearly all capital came from financial institutions, with 93% originating in Africa, exceeding the $107 million raised by all Africa-focused venture funds in 2025.

• Nclude raised $112M versus $107M for all Africa-focused funds in 2025
• 93% of capital came from African financial institutions
• The fund writes cheques of $500K to $10M and has backed 15 companies
• Up to 30% of capital can go to other African and Middle East markets