Back to the complete issue
Monday, 19 September 2022

Global Ventures’ fintech fund reaches USD 105 mn second close

Nclude hits USD 105 mn second close: Local and international investors have committed around USD 20 mn to Global Ventures’ Nclude’s second funding round, bringing the fintech-focused VC fund’s total capital to some USD 105 mn, a source close to the matter told Enterprise. The source declined to name the contributing investors at this time.

About Nclude: Dubai-based Global Ventures partnered with state-owned banks and firms to reach a first close of USD 85 mn on the Nclude fund in March. Banque Misr is acting as an anchor investor, while NBE and Banque du Caire are on board as strategic investors, and e-Finance’s parent company e-Finance Investment Group also paid in to the initial raise. Nclude targets early- and growth-stage fintech startups based in Egypt, as well as regional firms looking to expand here. It has already invested in local startups including Khazna, Paymob, Lucky, and Mozare3.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.