African defence technology startup Terra Industries has extended its funding round to $34 million after securing an additional $22 million from investors, which has pushed the company’s valuation into the nine-figure range.
The extension comes just weeks after Terra announced an $11.75 million raise. According to the company, the additional capital was secured in under two weeks, reflecting strong investor conviction in its mission to build autonomous security systems for Africa.
The round was led by Lux Capital, with participation from existing investors including 8VC, Nova Global, Silent Ventures, Belief Capital, Tofino Capital, and Resilience17 Capital, founded by Flutterwave CEO Olugbenga Agboola. New backers include angel investors such as American actor Jared Leto and Jordan Nel.
Speaking to Techpoint Africa, CEO Nathan Nwachuku said the initial $11.75 million raise created significant momentum for the company, enabling it to close the additional $22 million in just under two weeks.
He added that beyond capital, the investors were selected for their experience building similar hard-tech and defence-focused companies.
“They’ve been instrumental in helping us think through complex geopolitics, how to build a robust and flexible supply chain that is sanction-proof, and how to attract the best talent,” he said. Although the investors are still new, he said their structural guidance is already shaping the company’s next phase of growth.
Since recording $2 million in total orders just a year after launch, the company hasn’t shared much about traction, but Nathan shared that the company is handling some high-profile contracts.
The fresh funding will be used to expand Terra’s manufacturing capacity, accelerate deployments across Nigeria and allied African countries, and grow its engineering, software, and business development teams.
The extension also comes amid growing international expansion. Earlier this month, Terra announced a partnership with Saudi industrial giant AIC Steel to launch a manufacturing hub in Saudi Arabia focused on producing infrastructure security systems.
Victoria Fakiya – Senior Writer
Techpoint Digest
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In the coming weeks, the company also plans to unveil a mega factory reflecting the speed of the company’s growth, especially after a significant capital injection.
As Africa invests heavily in energy, mining, and large-scale infrastructure projects, Terra is positioning itself as a key player in securing those assets, now with fresh capital and a valuation that signals rising investor appetite for African defence tech.
