How to apply to Nclude as an African founder

TL;DR

Nclude invests in Fintech, Healthtech, and Agritech companies at Seed, Series A, and Series B+, writes cheques of $500K -- $5M, and takes applications through direct outreach to the team.

Who Nclude is

Nclude is a Egypt-focused, expanding Pan-African investor headquartered in Cairo. Its stated focus is Fintech, Healthtech, and Agritech. The thesis, in the fund's own words: Building a strong multilayered tech stack for the Egyptian fintech ecosystem through portfolio companies that collaborate and reinforce each other.

On the ground, Nclude operates as a Seed, Series A, and Series B+ investor with an Africa focus described as "Egypt primary, with up to 30% deployable across Africa and the Middle East". The fund's managing partner, head of venture capital (dpi) is Ashley Lewis, alongside Mohamed Aladdin (General Partner (DPI, Cairo)) and Runa Alam (Co-Founder and CEO (DPI)).

What they invest in

Stages: Seed, Series A, and Series B+
Sectors: Fintech, Healthtech, and Agritech
Cheque size: $500K -- $5M
Geography focus: Egypt-focused, expanding Pan-African / Yes -- Egypt primary, with up to 30% deployable across Africa and the Middle East

How to apply

Nclude's application path is: "Contact via LinkedIn or warm introductions through portfolio companies and LP networks.". This reads as direct outreach rather than a public form, which means the fund is more reachable through a warm introduction or a well-targeted cold message than through a portal. Ashley Lewis (Managing Partner, Head of Venture Capital (DPI)) is the name most associated with the fund publicly, and a specific, well-prepared message referencing why you fit their stated thesis is a better opener than a generic pitch blast. Check https://nclude.co/ first in case a form or dedicated email address has since gone live.

Portfolio pattern

Nclude's portfolio, as listed in their Trampoline fund page, includes:

Paymob (Egypt): Digital payments infrastructure and payment gateway, Series B
Khazna (Egypt): Earned wage access and financial services for blue-collar workers, Series A
FlapKap (Egypt): Revenue-based financing for SMEs, Seed
OneOrder (Egypt): Restaurant supply chain and procurement platform, Series A
Lucky (Egypt): Digital micro-insurance platform, Seed

That spread gives you a sense of what a real check from Nclude has funded, not just what the thesis claims it funds.

Before you apply

Have these ready before you reach out:

Deck: Check your readiness first so you know where the gaps are
Metrics dashboard: Set up your metrics dashboard so you can show real traction, not slides
Cap table
A one-line description of what your company does
A short, specific note explaining why you fit their stated thesis, ready to send cold or through a warm intro

FAQ

Does Nclude invest in Fintech?

Yes. Fintech is listed among Nclude's stated sector focus areas.

What stage does Nclude typically write cheques at?

Nclude invests at Seed, Series A, and Series B+, with cheque sizes of $500K -- $5M.

Do you need a warm intro to apply to Nclude?

Nclude's application path is direct outreach rather than a public form, so a warm introduction generally carries more weight than a cold message, though it is not stated as a hard requirement.

Does Nclude invest outside Egypt-focused, expanding Pan-African?

Nclude's Africa focus is described as "Egypt primary, with up to 30% deployable across Africa and the Middle East". Check the full fund profile for the exact geographic boundaries before you apply.

Is Nclude a remote or in-person fund?

Nclude's format is listed as Hybrid.