Tunisia’s SeekMake eyes global expansion with $539K investment

Tunisian manufacturing technology startup SeekMake has closed an investment deal of $539,000 to further its goal of global expansion. The startup has earmarked Germany and France as the next markets to enter. Lafayette Group, a European private equity firm, led the funding round.

It is worth mentioning that Lafayette Group has a history of investing in big manufacturing companies. Also worthy of note is that this deal symbolizes the firm’s pioneer investment in a Tunisian startup. 

The pair of Adel Ayari and Zino Adidi founded SeekMake in 2018. Today, their company helps match clients with construction and manufacturing companies across 40 countries. This facilitates quick ideation and subsequent delivery of finished products. 

The startup offers diverse materials that are durable, strong, and affordable. Aside from venturing into other countries, it has also recorded in-house growth. In eight months, its team rose from four to thirty employees. Its achievements have not gone unnoticed. StartUs Insights spotlighted SeekMake as one of the top 5 global startups specializing in Distributed Manufacturing.  

SeekMake’s service options include (Computer Numeric Control) CNC machining, sheet metal fabrication, 3D printing, laser cutting, and engraving. Since its inception five years ago, the startup has amassed a clientele of 10,000 users and manufacturers. 

As mentioned, SeekMake hopes to leverage the  $539K investment for venturing into other countries. Its existing client base is cut across Tunisia, the United States, and Australia. Germany and France, the countries it wants to enter, offer immense growth opportunities. 

To support its expansion scheme, SeekMake created a subsidiary in Estonia. This is a highly strategic move given that Estonia is a highly favorable environment for startups. 

Read also: Egypt fintech Masroofi raises $1.5 million for enhanced financial inclusion for children

Why Lafayette Group decided to invest in SeekMake

The private equity firm was primarily drawn to SeekMake’s remarkable track record in the digital manufacturing scene. Its accomplishments include the sale of over 30,000 prototypes and parts, collaborations with 72 manufacturers, and a growing network of fabricators that covers 40 countries. 

By growing its user and manufacturer base to 10,000, Lafayette Group knew that investing in the startup would pay off in the long run. Additionally, its decision to support SeekMake reflects the startup’s status as an “intermediary that facilitates the manufacturing process.” 

The Tunisian contech startup’s platform enables consumers and manufacturers to interact, thus offsetting most of the costs and accelerating the creation of parts. This unique service offering attracted the Lafayette Group, especially as the startup’s moves align with the current trends in the sector.