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Chekkit Is Using Blockchain As An Anti-counterfeit Tool; It Raises $500,000 Pre-see Funding

Startups

Aug. 10, 2021, 2:35 p.m.

A product of MEST Ghana Chekkit has raised $500,000 pre-seed funding to expand its team and infrastructure within the pharmaceutical and FMCG industries.

African VC, Launch Africa, Japan Strategic Capital, Blockchain Founders Fund, and two syndicate groups of angel investors participated in this round. The company also received a grant from Netherlands’ Orange Corners program.

Chekkit is a Nigerian-based startup that uses blockchain for product verification and for providing anti-counterfeit solutions. Primarily, the startup produces tamper-proof unique ID labels, either as QR codes or numeric codes, which can be placed on premium packaged food and beverage products for supply chain and consumer feedback tracking.

As the startup says, they are “saving lives by protecting producers and shoppers from the harmful effects of counterfeit products.”

It was founded by Dare Odumade, CEO, and Oluwatosin Adelowo, CMO in 2018.

In 2020, after its successful pilot in Afghanistan, Chekkit states it has secured over seven million pharmaceutical products and protected over 200,000 consumers, working with pharmaceutical companies like Merck, Royal Star Pharma, and Nabros Pharmaceutical. Furthermore, the startup works with other brands including Indomie, Nivea, and Flourmills of Nigeria.

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“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,” said Dare Odumade.

“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.”

Biola Alabi, co-leader of one of the angel syndicate groups, said investing in Chekkit 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,” she said.

“Chekkit is already working with governments to strengthen and heighten pharmacovigilance, patient education and advocacy. The application is saving lives by simultaneously detecting and notifying consumers, manufactures and policy makers 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, is poised to save more lives and I’m proud to be an investor and lead a team of other investors to build.”

tag: Blockchain, Funding, Startup,

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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