Hi, welcome to Tech This Evening, an After-Work Tech Newsletter from Techparley Africa. Sure, there is a lot to unpack right now. Sit back, while I walk you through.
Top Story: Terra Industries Signs Deal With Defence Industries Corporation of Nigeria to Localise Drone, Security Tech Production
Nigerian defence-technology startup, Terra Industries, has signed a memorandum of understanding (MoU) with the Defence Industries Corporation of Nigeria (DICON) to establish a joint venture company aimed at localising the production of advanced security and surveillance technologies.
Under the agreement, the proposed joint venture company will operate as a subsidiary of DICON and be jointly promoted and owned by both organisations.
The partnership is expected to focus on assembling and developing high-technology security systems while building domestic capacity across Nigeria’s defence manufacturing value chain.
“This partnership demonstrates confidence in indigenous Nigerian engineering capability and creates a platform for sustainable defence technology development, innovation, and export competitiveness,” said Nathan Nwachuku, Terra Industries’ co-founder and chief executive.
“The partnership is a transformational step toward strengthening Nigeria’s defence manufacturing base, reducing import dependence, and positioning Nigeria as a regional hub for advanced innovation,” Major General B.I. Alaya, Director General of DICON, said.
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Ricursive Intelligence Raises $300m to Automate Chip Design with AI. Read now.
XSML Capital Raises US$142M for Fourth African Fund, Surpassing Target in Strong Vote of Confidence for SME Financing. Read now.
On Startup Spotlight:
LoftyInc Capital Backs Moroccan Fintech, WafR With $4m Seed Round, to Digitise Payments and Remittances
Pan-African venture capital firm, LoftyInc Capital has co-led a $4 million seed round in Moroccan fintech startup WafR, marking one of the first investments from its newly launched Alpha Fund and reinforcing investor confidence in North Africa’s emerging technology ecosystem.
The round was co-led alongside Attijariwafa Ventures and Almada Ventures, with additional participation from UM6P Ventures and First Circle Capital.
“We are proud to co-lead this round and champion WafR’s bold mission,” said Mariam Kamel, partner at LoftyInc Capital. “This investment exemplifies our commitment to backing strong founders in high-potential markets who are solving foundational challenges.”
“The entry of LoftyInc Capital, Attijariwafa Ventures, and Almada Ventures is a pivotal milestone,” said Ismail Bargach, WafR’s chief executive and co-founder. “Their support brings not just capital, but deep fintech experience and strong regional networks that will be instrumental as we scale our impact.”
Quadri Adejumo brings you all the details. Read here.
Also Read:
Zambia’s Lupiya Extends Series A to $11.25m to Accelerate Digital Banking Expansion Across Southern and East Africa. Yakub Abdulrasheed brings us the details, here.
Quote of the Day:
“Any sufficiently advanced technology is equivalent to magic.” – Arthur C. Clarke.
Thank you for joining me yet again this evening. Stay safe, and see you tomorrow for the next tech newsletter.
Best, Quadri
