Chekkit, Nigerian Anti-counterfeiting Solution, has closed a $500,000 pre-seed investment from Launch Africa, Japan Strategic Capital, Blockchain Founders Fund, and two syndicate groups of angel investors. Completing the funding is a grant from the Orange Corners program.
The funds will be utilized in further strengthening its anti-counterfeiting and consumer engagement solution as well as building out robust supply chain tracking and infrastructural optimization technologies.
In terms of impact, the funds raised will enable Chekkit to directly protect up to 100 million lives across the globe. To achieve this, it’ll be expanding its team.
Founded by Dare Odumade (CEO) and Jida Asare, at Meltwater Entrepreneurial School of Technology, (MEST), in Accra, Ghana in 2018, Chekkit provides real-time verification of quality products, consumer intelligence and supply chain tracking services to producers of high-quality human-friendly products, to ensure complete product integrity.
Over the past few years, Chekkit has helped protect consumers and producers in both Nigeria and Afghanistan from the dangers of counterfeit products by providing the consumers with a means to identify original products.
In doing that, the startup has secured over 7 million pharmaceutical products, protected over 200,000 consumers, and expanded its partnership with the Afghan government for the verification and tracking of over 200 million products in the Middle Eastern country. This was achieved by working with pharmaceutical companies like Merck, Royal Star Pharma, Nabros Pharmaceutical, to mention but a few.
Commenting on the investment, Odumade said: “We are super-pumped about the future as we develop unique technological products to protect the lives of millions and also directly improve the act of doing business for several brands by learning about consumers in the largely informal African markets.
“We will be launching the first consumer intelligence software-as-a-service for consumer brands to create end-to-end loyalty campaigns, aggregate engagement data, and distribute rewards in-house and with their marketing agencies for the first time ever, enabling consumers to directly interact with brands through QR and USSD shortcodes printed directly on the product package.
“Chekkit is already working with governments to strengthen and heighten pharmacovigilance, patient education, and advocacy. The application/platform is saving lives by simultaneously detecting and notifying consumers, manufacturers, and policymakers from the minute fake or substandard drugs are detected. I’m excited that the company is building and using blockchain to build out its solution. Chekkit with an experienced team, local and global traction, are poised to save more lives and I’m proud to be an investor and lead a team of other investors to build”.
Speaking on why they chose Chekkit as a viable investment, Biola Alabi (co-leader of one of the angel syndicate groups) said; “Investing in Chekkit Technologies was a no-brainer, they are tackling the scourge of fake drugs in Nigeria and across emerging markets globally, one of the biggest challenges still facing the pharmaceutical and healthcare systems in Africa is fake and substandard drugs, weak regulatory environments, and lack of consumer education. Fake and substandard drugs are responsible for thousands of deaths annually across Africa.
“Chekkit is already working with governments to strengthen and heighten pharmacovigilance, patient education, and advocacy. The application/platform is saving lives by simultaneously detecting and notifying consumers, manufacturers, and policymakers from the minute fake or substandard drugs are detected. I’m excited that the company is building and using blockchain to build out its solution. Chekkit with an experienced team, local and global traction, are poised to save more lives and I’m proud to be an investor and lead a team of other investors to build”.
Biola will also be joining our advisory board, bringing in years of experience in media and communications as well as industry-related know-how as she currently serves as a non-executive director at Unilever Nigeria Plc.
