London-based Development Partners International (DPI) has announced the launch of DPI Venture Capital, a new initiative aimed at investing in early-stage, growth-focused technology businesses across Africa.
The launch marks an expansion of DPI’s strategy of supporting companies that address the needs of Africa’s growing middle class.
With an eighteen-year track record of backing innovation-led businesses, DPI’s current portfolio reflects the increasing adoption of digital tools to improve access to goods and services across the continent.
DPI Venture Capital will draw on the firm’s established presence in over 43 African countries and its experience investing across nearly a dozen sectors, including technology.
The launch coincides with the completion of a fund restructuring, which sees DPI assume the role of investment adviser to the Nclude Innovation Fund (Nclude), a fintech-focused fund based in Egypt.
Nclude is the largest fund of its kind in Africa and has, since its inception in March 2022, deployed over US$28 million across nine investments, including Paymob, Khazna, Flapkap, and Connect Money.
The fund is backed by some of Egypt’s largest national banks, Banque Misr, the National Bank of Egypt, and Banque du Caire, as well as financial services investors such as e-Finance Investment Group, EBC, and Mastercard.
The Central Bank of Egypt supported the establishment of Nclude, which is also mandated to invest up to 30% of its capital in companies operating elsewhere in the Middle East and Africa, with a view to helping them expand into the Egyptian market.
Egypt remains a priority market for DPI, which has invested nearly US$850 million in the country over the past decade.
The firm has seen the impact of digitisation through its involvement with businesses such as MNT Halan and Kazyon.
By taking on investment advisory responsibilities for Nclude, DPI will oversee the fund’s full portfolio, which totals US$105 million in assets under management.
Runa Alam, Co-Founder and CEO of DPI, commented:
“The platform provides our limited partners with the opportunity to invest in Africa’s most exciting companies from their very beginning. The completion of the Nclude transaction is an opportunity to build on the success of our previous investments in technology-led companies and will empower our investors to add exposure to highly innovative growth-orientated businesses.”
Ashley Lewis, Managing Partner at DPI Venture Capital, added:
“The African venture capital ecosystem is still underpenetrated and there is a fantastic opportunity for Africa-focused fund sponsors to make a significant impact on the ecosystem. DPI Venture Capital is excited to welcome the Nclude team, portfolio companies, and LPs to DPI and to expand on their experience and close relationships with Egypt’s leading investors and tech visionaries.”
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