Table of Contents
Flutterwave chief executive Olugbenga Agboola has joined a $22 million funding round for Nigerian defense tech startup Terra Industries, adding fresh fintech star power to a young company selling security systems to governments and businesses across Africa.
The round was led by Lux Capital and closed quickly, Terra said, coming just weeks after the startup raised $11.75 million in a deal spearheaded by venture firm 8VC. With the new money included, Terra’s total funding now stands at $34 million, a sizable war chest for an African company working in a category that usually demands heavy spending upfront.
Agboola participated through his private investment vehicle, Resilience17 Capital. Returning investors included 8VC and Nova Global. Terra’s leadership said the extension was completed in less than two weeks, pointing to what it called rising investor conviction after recent commercial wins.
Terra was founded in 2024 by Nathan Nwachuku, 22, and Maxwell Maduka, 24. The company builds autonomous surveillance and monitoring systems designed to protect critical infrastructure, from energy installations to industrial sites, at a time when sabotage, theft and insurgent attacks have become routine threats in parts of the continent.
Terra says it has secured both federal and commercial contracts, generated more than $2.5 million in commercial revenue, and is currently protecting assets valued at about $11 billion. Nwachuku said investor interest climbed as the company showed faster than expected traction in closing deals and forming partnerships.
The startup’s near term target is expansion into markets where security has become a daily business risk, particularly the Sahel corridor, which has seen years of insurgency and attacks on public facilities and private sector assets. Much of the advanced hardware used in the region has traditionally been sourced from Russia, China or Western suppliers. Terra is pitching itself as a locally grounded alternative, building systems it says are tailored to African terrain and operating conditions.
The company is also widening its production footprint beyond the continent. Through a partnership with AIC Steel, Terra says it is establishing a joint manufacturing facility in Saudi Arabia to produce surveillance infrastructure and security systems, its first major manufacturing move outside Africa. The goal is to meet demand while cutting delivery timelines for customers.
Defense technology is a capital hungry business globally, with firms like Anduril and Shield AI raising billions to build autonomous platforms. Terra’s founders say their ambition is to build an African defense prime that can design, manufacture and deploy systems from within the region while competing on speed and local knowledge.
