Terra Secures $22 Million Funding Boost, Led by Flutterwave Co-Founder Gbenga Agboola and Lux Capital

Nigerian drone startup Terra has just secured $22 million in fresh funding, just one month after securing $11.8 million in another round. This brings the company’s total funding to $34 million. For a startup only two years old, this puts its valuation above $100 million. That’s a big achievement in the fast-growing African tech space.

Lux Capital, a Silicon Valley firm that recently raised $1.5 billion, led the latest round. They teamed up with Resilience17 Capital, run by Flutterwave CEO Olugbenga “GB” Agboola. Investors like Joe Lonsdale’s 8VC and Nova Global joined again. Even actor Jared Leto invested. The round closed in less than two weeks, showing huge interest from backers.

Terra builds autonomous security tools. These include drones, sentry towers, and unmanned ground vehicles. They sell to governments and companies protecting key sites across Africa. Right now, Terra’s gear secures assets worth about $11 billion. From power plants to mining sites, these tools help guard vital infrastructure.

CEO Nathan Nwachukwu, who is just 22, led the company to exceed its goals. Terra aimed to raise only $5 million at first. But after two quick rounds, they have $34 million. “The funding far exceeded expectations,” Nwachukwu said. He explained that big government and military contracts are coming in fast. The money will help scale up manufacturing right away.

What stands out is GB Agboola’s role. Nigerian tech leaders often invest in software or fintech. But here, the Flutterwave boss backs a hardware firm making drones for defense and security. These areas have not seen much African money before. This move shows investors are now serious about African defense tech.

Terra started in Abuja in 2024. Co-founders Nwachukwu and Maxwell Maduka, 24, built it quickly. The company already has paying customers in several African countries. Now, they plan to grow even faster.The new funds will boost production. Terra wants to expand its Abuja factory to make 40,000 drones a year. They also plan a much bigger facility soon, but have not shared the location yet.

Terra is not stopping at Nigeria. Last week, they partnered with AIC Steel, a major Saudi industrial company. Together, they will build a factory in Saudi Arabia. This is Terra’s first manufacturing outside Africa. It opens doors to Middle East buyers. Still, Africa remains their main focus, serving governments and firms there.

This Saudi deal is smart. Saudi Arabia offers top-notch manufacturing setups. It helps Terra reach new markets while keeping African needs first. For example, remote oil fields or borders in the Middle East could use Terra’s drones, just like African sites do.

Africa faces huge infrastructure security issues. Power plants get sabotaged often. Thieves target mining areas. Remote spots lack enough guards. Hiring people is costly and hard in tough places. Autonomous systems like Terra’s drones are cheaper and easier to scale. They work day and night without tiring.

Terra’s rise highlights a shift in African tech. Young founders like Nwachukwu and Maduka are tackling real-world problems with hardware. Strong investor backing, including from global names and local giants like Agboola, proves the potential. As Terra ramps up factories and wins contracts, it could lead the way for more defense tech startups on the continent.

With $34 million in hand, Terra is set to protect billions more in assets. Their quick growth from Abuja to Saudi shows how African innovation is going global. Investors betting big means more secure infrastructure ahead for governments and businesses.

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