Development Partners International (DPI), a leading Africa-focused private investment firm, has announced the launch of DPI Venture Capital, a bold new initiative aimed at investing in early-stage and growth-oriented technology businesses across the African continent. This strategic expansion marks DPI’s official entry into the venture capital space, building on the firm’s long-standing track record of backing innovation-led and high-impact enterprises in Africa.
With over US$3 billion in assets under management and co-investments across three flagship funds, DPI has established itself as a key player in private equity across the region. Since its inception in 2007, the firm’s Africa Development Partners (ADP) funds have completed 33 investments across a wide range of sectors—from healthcare and consumer goods to infrastructure and digital services—many of which have successfully exited, delivering strong returns to investors.
The launch of DPI Venture Capital signifies the firm’s deepened commitment to Africa’s rapidly evolving digital economy and reflects a broader vision to support the continent’s most promising startups from the ground up. The new VC arm will benefit from DPI’s extensive network, which spans 43 African countries, as well as its cross-sector experience in technology-enabled businesses and value creation.
This expansion into venture capital was catalyzed by a fund restructuring transaction that resulted in DPI assuming the investment advisory role for Nclude, one of Egypt’s leading fintech-focused venture funds. Established in March 2022, Nclude has deployed over US$28 million in capital across nine high-impact transactions, including prominent startups such as Paymob, Khazna, Flapkap, and Connect Money.
The transition sees DPI taking over advisory responsibilities for Nclude’s portfolio, bringing the fund’s experience, relationships, and strong Egyptian market presence into the DPI ecosystem. This move not only strengthens DPI’s footprint in North Africa but also provides a springboard for further VC activity across the continent’s key innovation hubs.
In a statement, Runa Alam, DPI’s co-founder and CEO, highlighted the significance of this milestone:
“By establishing DPI Venture Capital, we have fulfilled a long-standing ambition to offer our investors a diverse range of investment strategies tailored to Africa’s evolving landscape. The platform allows our limited partners to invest in the continent’s most exciting and disruptive companies from the earliest stages. The completion of the Nclude transaction is a natural extension of our success in backing tech-driven companies and reinforces our commitment to empowering Africa’s next generation of innovators.”
Ashley Lewis, Managing Partner at DPI Venture Capital, expressed optimism about the opportunity to reshape Africa’s startup investment landscape:
“The African venture capital ecosystem remains significantly underpenetrated. There is tremendous potential for Africa-focused fund managers to create lasting impact and unlock real value. We are thrilled to welcome the Nclude team, their portfolio companies, and limited partners to DPI. We look forward to building on their strong foundation and expanding our presence within Egypt’s vibrant tech community and beyond.”
DPI Venture Capital is set to play a critical role in bridging the funding gap for African startups, particularly those leveraging technology to address systemic challenges in sectors such as financial services, healthcare, logistics, education, and agriculture. With Africa poised to become home to one of the world’s largest working-age populations and an increasingly connected digital economy, the opportunity to back transformative businesses at scale has never been more compelling.
This launch not only reinforces DPI’s leadership in private investment on the continent but also positions the firm at the forefront of Africa’s innovation ecosystem—supporting scalable, tech-enabled solutions that can deliver both financial returns and sustainable impact.
