Nclude

Nclude is a venture capital firm established in 2022 and based in Cairo, Egypt. The firm focuses on fostering fintech innovation and promoting financial inclusion by partnering with leading fintech and fintech-enabled companies. Nclude primarily invests in early and growth-stage startups located in Egypt, as well as those within the broader Middle East and Africa region. Through its strategic investments, Nclude aims to support the development of the fintech landscape in these markets.

Darwish, Eslam

Founding General Partner

Omar Kholy

Associate

12 past transactions

Khazna

Series B in 2025
Khazna operates a mobile application platform designed to enhance financial services for Egyptians, particularly targeting the 50% of smartphone users who lack access to formal financial systems. The super app provides a range of services including General Purpose Credit, Buy Now Pay Later (BNPL), bill payments, savings, and insurance. It also facilitates cash advances for employees to address unforeseen emergencies and allows users to transfer and receive funds without incurring transaction fees. By focusing on digitizing cash transactions, Khazna aims to offer convenient, effective, and secure financial solutions, thereby improving financial inclusion in Egypt and potentially beyond.

Paymob

Series B in 2024
Paymob is a digital payments enabler based in Cairo, Egypt, founded in 2015. The company focuses on building payment infrastructure technologies that enhance financial inclusion in the Middle East and Africa (MEA) region. By providing integrated payment services, Paymob helps businesses of all sizes transition from cash to electronic payments, thereby unlocking new opportunities and efficiencies. Its software aims to minimize the risks associated with fraud and theft while speeding up money circulation. By empowering underserved communities with access to a variety of electronic payment and money transfer options, Paymob plays a crucial role in bridging the financial inclusion gap in the region.

FlapKap

Seed Round in 2024
FlapKap offers a revenue-based financing solution specifically for e-commerce and SaaS businesses, facilitating their growth through immediate funding for inventory and digital advertising. The company focuses on consumer-facing industries such as retail and restaurants, providing flexible repayment terms that align with business revenue. FlapKap evaluates businesses through various platforms, including e-commerce systems, advertising channels, online reviews, payment gateways, point-of-sale systems, and Enterprise Resource Planning (ERP) solutions. Additionally, FlapKap's platform leverages AI to track and optimize digital media spending, helping companies gain insights into their advertising expenditures and eliminate hidden costs. This comprehensive approach enables businesses to enhance their financial strategies and maximize their growth potential.

OneOrder

Series A in 2024
One Order delivers exceptional produce, custom cuts of meat, high-quality seafood, and imported foods offering an array of global flavors.

Mozare3

Venture Round in 2024
Mozare3 operates as an agricultural-fintech startup. Mozare3 is a platform that serves more than 20 million underserved, unbankable smallholder farmers and their families.

OneOrder

Seed Round in 2022
One Order delivers exceptional produce, custom cuts of meat, high-quality seafood, and imported foods offering an array of global flavors.

Grinta

Seed Round in 2022
Grinta is a pharmaceutical supply chain company focused on modernizing the distribution of medical products across Africa. By operating a managed marketplace, Grinta integrates artificial intelligence and machine learning technologies to enhance the interactions between manufacturers, distributors, wholesalers, and independent pharmacies. This approach aims to create a data-driven and efficient supply chain that provides pharmacies with a user-friendly experience. Grinta's platform enables access to a comprehensive range of traceable and trackable pharmaceutical and medical products from various vendors, ultimately empowering local pharmacies to better serve their communities.

FlapKap

Seed Round in 2022
FlapKap offers a revenue-based financing solution specifically for e-commerce and SaaS businesses, facilitating their growth through immediate funding for inventory and digital advertising. The company focuses on consumer-facing industries such as retail and restaurants, providing flexible repayment terms that align with business revenue. FlapKap evaluates businesses through various platforms, including e-commerce systems, advertising channels, online reviews, payment gateways, point-of-sale systems, and Enterprise Resource Planning (ERP) solutions. Additionally, FlapKap's platform leverages AI to track and optimize digital media spending, helping companies gain insights into their advertising expenditures and eliminate hidden costs. This comprehensive approach enables businesses to enhance their financial strategies and maximize their growth potential.

Partment

Pre Seed Round in 2022
Partment is an online platform that allows individuals to co-own vacation homes without the typical complexities associated with real estate ownership. By utilizing a smart booking system, Partment addresses both local and international markets, facilitating co-ownership through a special purpose vehicle that owns the property. This innovative approach reduces traditional barriers to second home ownership and provides users with comprehensive property management services. Additionally, Partment optimizes the utilization of these properties, making vacation home ownership more accessible and efficient for its users.

Paymob

Series B in 2022
Paymob is a digital payments enabler based in Cairo, Egypt, founded in 2015. The company focuses on building payment infrastructure technologies that enhance financial inclusion in the Middle East and Africa (MEA) region. By providing integrated payment services, Paymob helps businesses of all sizes transition from cash to electronic payments, thereby unlocking new opportunities and efficiencies. Its software aims to minimize the risks associated with fraud and theft while speeding up money circulation. By empowering underserved communities with access to a variety of electronic payment and money transfer options, Paymob plays a crucial role in bridging the financial inclusion gap in the region.

Khazna

Series A in 2022
Khazna operates a mobile application platform designed to enhance financial services for Egyptians, particularly targeting the 50% of smartphone users who lack access to formal financial systems. The super app provides a range of services including General Purpose Credit, Buy Now Pay Later (BNPL), bill payments, savings, and insurance. It also facilitates cash advances for employees to address unforeseen emergencies and allows users to transfer and receive funds without incurring transaction fees. By focusing on digitizing cash transactions, Khazna aims to offer convenient, effective, and secure financial solutions, thereby improving financial inclusion in Egypt and potentially beyond.

Lucky

Series A in 2022
Lucky is a financial services company that operates an app designed to enhance the shopping experience through credit products, discounts, and cashback rewards. The app allows users to search for and coordinate their shopping, payments, and savings, providing access to cashback rewards of up to 50% from various merchants. With a mission to transform shopping, payment, and savings in the Middle East and North Africa, Lucky has successfully connected over six million users since its launch. By partnering with both local and global brands, the app enables customers to easily access credit and save on their purchases, both in-person and online.
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