Nigeria-based anti-counterfeiting startup, Chekkit Technologies, has announced a $500,000 pre-seed round as it looks to expand its team and technological infrastructure.
As contained in its statement, it aims to “save more lives and further secure the FMCG — fast-moving consumer goods — and pharmaceutical industries.”
Pan 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 programme.
Founded in 2018 by Dare Odumade, CEO and Oluwatosin Adelowo, CMO, Chekkit offers product verification and anti-counterfeiting solutions using Blockchain. The company claims to protect manufacturers and consumers against food and drug counterfeits.
In 2020, Chekkit announced a pilot in Afghanistan. This move came after the company finished as the first runner up in a Blockchain pitch competition — sponsored by Fantom, a DAG-based smart contract platform — at the AfricArena Summit in November 2019.
After the event, Afghanistan’s Ministry of Health signed an MoU with Fantom and Chekkit for a 3-month pilot project to track and verify 80,000 pharmaceutical products.
Speaking on why they chose Chekkit as a viable investment, Biola Alabi, a leader of one of the angel syndicate groups, says it was a no-brainer to do so.
“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.”
Alabi will join the Chekkit’s advisory board, bringing with her years of experience in media and communications. She currently serves as a non-executive director at Unilever Nigeria Plc.
As contained in the company’s statement, Chekkit has secured over 7 million pharmaceutical products, protected over 200,000 consumers, and expanded its partnership with the Afghan government to verify and track over 200 million products.
It has worked with pharmaceutical companies like Merck, Royal Star Pharma, and Nabros Pharmaceutical in Afghanistan. Chekkit has also worked with Indomie, Nivea, and Flour Mills of Nigeria Plc.
In 2020, the company deployed its COVID-19 USSD Help & Information Center in partnership with the African Union and the Africa Centre for Disease Control.