Two Venture Funds Close in Africa and Italy as Local Capital Takes Lead
DPI Venture Capital closed its $112 million Nclude Fund with 93% of capital from Africa, while Italy's Z_One Fund raised over €35 million at first close.
AfroEuropa Newsroom
AfroEuropa desk
Two venture capital funds on separate continents have reported fresh closings, each drawing heavily on domestic and regional institutional investors.
DPI Venture Capital, the early-stage arm of Development Partners International, reached a final close of more than $112 million for its Nclude Fund, according to TechCabal. Development Partners International is a private equity firm managing over $3 billion in assets across Africa. Ashley Lewis, managing partner and head of DPI Venture Capital, told TechCabal that nearly all of the capital came from financial services institutions, with 93% sourced from within Africa. By comparison, African investors accounted for 37% of funding raised by the continent's startups in the first half of 2026, per TechCabal Insights.
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