Olugbenga Agboola, the chief executive of Flutterwave, has joined a fresh $22 million funding round for Nigerian defensetech startup Terra Industries, as the company pushes deeper into high-risk security markets across Africa.
The round, led by Lux Capital, comes barely a month after Terra raised $11.75 million in a round spearheaded by Joe Lonsdale’s 8VC. With the extension now closed, Terra’s total funding stands at $34 million.
Agboola participated through Resilience17 Capital, alongside returning investors including 8VC and Nova Global. The extension round was completed in less than two weeks, reflecting what Terra’s leadership described as accelerated investor conviction following recent commercial wins.
Read more: After $11.75m 8VC round, Terra closes $22m extension to expand into Sahel security markets
Fintech capital backs defense tech
Agboola’s involvement signals growing cross-sector interest in Africa’s emerging defense technology ecosystem. While venture capital has traditionally flowed into fintech, logistics and e-commerce, security infrastructure is increasingly drawing attention as instability and infrastructure sabotage persist in parts of sub-Saharan Africa and the Sahel.
Founded in 2024 by Nathan Nwachuku, 22, and Maxwell Maduka, 24, Terra is building autonomous surveillance and monitoring systems designed to protect critical national assets, from energy infrastructure to industrial facilities.
The company says it has already secured federal and commercial contracts, generated more than $2.5 million in commercial revenue, and is currently protecting assets valued at approximately $11 billion.
Investor interest intensified, according to Nwachuku, after the startup demonstrated faster-than-expected traction in closing deals and forming partnerships. That momentum created urgency among backers to increase their exposure early.
Expansion into high-risk markets
Terra’s immediate focus is on African economies where terrorism and infrastructure security remain pressing concerns. The Sahel corridor, in particular, has experienced years of insurgency and attacks targeting both public facilities and private-sector assets.
Much of the advanced defense hardware and intelligence systems used in these regions have historically been sourced from Russia, China or Western suppliers. Terra is positioning itself as a locally grounded alternative, building systems tailored to African terrain and operational realities.
“Our priority is working with countries where the need for infrastructure protection is urgent,” Nwachuku said, noting that expansion plans are already underway in several African markets.
Read more: Terra Industries to African startups: Build revenue before chasing valuation
Manufacturing beyond the continent
In addition to geographic expansion, Terra is broadening its production footprint. Through a partnership with AIC Steel, the startup is establishing a joint manufacturing facility in Saudi Arabia to produce surveillance infrastructure and security systems, its first major manufacturing move outside Africa.
The facility is expected to support growing demand while shortening supply timelines for regional clients.
A capital-intensive bet
Globally, defense technology requires significant capital to scale. Companies such as Anduril and Shield AI have raised billions to build autonomous systems and defense platforms.
Against that backdrop, Terra’s $34 million war chest represents an early but notable step in building what its founders describe as an African defense prime, capable of designing, manufacturing and deploying autonomous systems from within the continent.
With backing now stretching from Silicon Valley venture firms to one of Africa’s most prominent fintech founders, Terra’s latest raise underscores a broader shift: capital is beginning to flow toward homegrown solutions aimed at securing Africa’s infrastructure in an increasingly volatile environment.
