Flutterwave chief executive Olugbenga Egbula has joined a new $22 million funding round for Nigerian defensetech startup Terra Industries, as the company moves deeper into high-risk security markets across Africa.
The round, led by Lux Capital, comes barely a month after Terra raised $11.75 million led by Lonsdale's 8VC. With the expansion now closed, Terra's total funding stands at $34 million.
Agboola participated through Resilience17 Capital, alongside returning investors including 8VC and Nova Global. The expansion round closed in less than two weeks, driven by what Terra's leadership described as accelerated investor conviction following recent commercial wins.
Read More: Following $11.75M 8VC round, Terra closes $22M to expand into Sahel security markets
Fintech capital supports defense technology
Agboola's participation 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 attracting attention as instability and infrastructure vandalism continue in sub-Saharan Africa and parts of the Sahel.
Founded in 2024 by 22-year-old Nathan Nwachukwu and 24-year-old Maxwell Maduka, Terra is building autonomous monitoring and surveillance systems designed to protect critical national assets ranging from energy infrastructure to industrial facilities.
The company says it has already won federal and commercial contracts, generated more than $2.5 million in commercial revenue, and is currently protecting approximately $11 billion worth of assets.
According to Nwachukwu, investor interest increased after the startup showed faster-than-expected speed in closing deals and forming partnerships. That momentum created an urgency among supporters to quickly ramp up their performance.
Expansion into high-risk markets
Terra's immediate focus is on African economies where terrorism and infrastructure security remain major concerns. The Sahel corridor in particular has experienced years of insurgency and attacks targeting both public facilities and private sector assets.
Most of the advanced defense hardware and intelligence systems used in these areas have historically been obtained from Russia, China, or Western suppliers. Terra is positioning itself as an alternative option at the local level, building systems tailored to African terrain and operational realities.
“Our priority is to work with countries where there is an urgent need to protect infrastructure,” Nwachukwu said, noting that expansion plans are already underway in several African markets.
Read more: From Terra Industries to African startups: Build revenue before chasing valuations
manufacturing beyond the continent
In addition to geographic expansion, Terra is expanding its production footprint. Through a partnership with AIC Steel, the startup is setting up 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 customers.
a capital-intensive bet
Globally, defense technology requires significant capital to develop on a large scale. Companies like Anduril and Shield AI have raised billions of dollars 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 major capable of designing, building and deploying autonomous systems from within the continent.
Now with backing from Silicon Valley venture firms to one of Africa's most prominent fintech founders, Terra's latest growth underscores a broader shift: capital is beginning to flow toward homegrown solutions aimed at securing Africa's infrastructure in an increasingly volatile environment.
