Runa Alam’s DPI takes over $105 million Egypt-based fintech fund

Key Points

• DPI acquires Egypt-based fintech fund Nclude, managing $105 million, strengthening its African presence and enhancing its fintech investment portfolio.
• Nclude has invested over $28 million in nine deals since its 2022 launch, including backing major fintech companies like Paymob and Khazna.
• With DPI now managing Nclude’s assets, the firm aims to foster Egypt’s fintech ecosystem and drive financial inclusion across the country.

American venture capitalist Runa Alam has led Africa-focused venture capital firm Development Partners International (DPI) to acquire Nclude, an Egypt-based fintech venture capital fund managing $105 million in assets. This acquisition is a strategic move that strengthens DPI’s presence across the African continent.

Founded in March 2022, Nclude has already invested over $28 million in nine deals, backing companies like Paymob, Khazna, Flapkap, and Connect Money. With this latest acquisition and the launch of DPI Venture Capital, DPI consolidates its position as a leading private investment advisor focused on Africa.

Nclude’s investors include some of Egypt’s largest national banks, such as Banque Misr, National Bank of Egypt, and Banque du Caire, along with financial services-focused investors like e-Finance Investment Group, EBC, and Mastercard. It was launched with support from the Central Bank of Egypt and has the flexibility to invest up to 30 percent of its commitments in the wider Middle East and Africa region, particularly to support companies expanding into Egypt.

DPI takes charge of $105 million Nclude fund

This acquisition, led by Runa Alam, co-founder and CEO of DPI, underscores Egypt’s increasing significance for the firm. Over the past decade, DPI has invested nearly $850 million in Egypt, with notable portfolio companies like MNT Halan, Egypt’s largest and fastest-growing lender, and Kazyon, the country’s leading hard-discount supermarket chain.

Now serving as the investment advisor for Nclude, DPI will oversee the fund’s $105 million in assets. The firm aims to help build a stronger fintech ecosystem in Egypt and foster greater financial inclusion. With the launch of DPI Venture Capital and the successful completion of the Nclude deal, DPI solidifies its position as a leading private investment advisor in Africa, enhancing its mission to provide impactful investment opportunities across the continent. This initiative is led by Managing Partner Ashley Lewis, supported by a team of experienced venture capital professionals, including General Partner Mohamed Aladdin.

Runa Alam commented on the deal: “By establishing DPI Venture Capital, DPI has fulfilled its long-standing ambition to provide investors with a range of investment strategies in Africa. 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.”

From Wall Street to African VC

Alam, originally from the United States and Bangladesh, is a development economist turned venture capitalist with degrees from Princeton University and Harvard Business School. She began her career on Wall Street, working for investment banks like Morgan Stanley and Merrill Lynch in mergers and acquisitions, as well as corporate and tax-exempt finance. As a co-founder of DPI, which was established in 2007, Alam has led the firm with a vision to support exceptional African businesses and help entrepreneurs achieve their goals while delivering strong returns and a positive impact.

With 35 years of experience in investment banking, emerging markets, and private equity, Alam previously served as CEO of two African private equity funds. She also has on-the-ground experience in emerging markets, having founded and managed Peregrine Bangladesh and Union Capital Bangladesh in the 1990s. Alam serves on the boards of Eaton Venture LLP and UBA, as well as the Advisory Boards of the Tony Elumelu Foundation and Millennium Promise. She has also held positions on the boards of Letshego Holdings Limited and Celtel.