Nigeria: Terra Raises $22 Million in New Round Backed by Gbenga Agboola and Lux Capital

Nigerian drone and autonomous security startup Terra has secured $22 million in fresh funding, just weeks after closing an earlier $11.8 million round. The latest raise brings total funding to $34 million within two years of launch and pushes the company’s valuation beyond $100 million—marking a significant milestone in Africa’s emerging defense-tech ecosystem.

The round was led by Silicon Valley-based venture capital firm Lux Capital, which recently closed a $1.5 billion fund. It also included participation from Resilience17 Capital, founded by Gbenga Agboola, alongside returning investors such as 8VC and Nova Global. Actor and investor Jared Leto also joined the round. The raise reportedly closed in under two weeks, reflecting strong investor confidence.

Founded in Abuja in 2024 by CEO Nathan Nwachukwu and co-founder Maxwell Maduka, Terra develops autonomous security solutions, including surveillance drones, sentry towers, and unmanned ground vehicles. Its systems are deployed to protect critical infrastructure across multiple African countries, securing assets valued at approximately $11 billion, including power plants, mining operations, and other high-risk installations.

Initially targeting a modest $5 million raise, Terra exceeded expectations through back-to-back funding rounds. According to Nwachukwu, accelerating demand—particularly from government and defense contracts—necessitated rapid capital deployment to scale production capacity.

The funding will primarily support manufacturing expansion. Terra plans to increase output at its Abuja facility to produce up to 40,000 drones annually and is exploring the development of a larger production plant.

In a strategic move beyond the continent, Terra recently partnered with AIC Steel to establish a manufacturing facility in Saudi Arabia. The partnership marks the company’s first international production base and provides access to Middle Eastern markets, while maintaining Africa as its core focus.

Terra’s growth signals a broader shift in African innovation—where hardware and defense technologies are gaining investor traction alongside fintech and software ventures. The backing of prominent global venture firms and African technology leaders underscores rising confidence in locally built security infrastructure solutions.

As infrastructure security challenges intensify across parts of Africa—ranging from energy asset sabotage to mining theft—autonomous systems offer scalable, cost-effective monitoring solutions in environments where traditional security operations are difficult to maintain.

With $34 million in funding and expanding manufacturing ambitions, Terra is positioning itself as a key player in Africa’s security technology landscape—demonstrating how homegrown innovation can scale regionally while attracting global capital.