Chekkit Technologies have closed a pre-seed funding round of $500,000 with several notable investors coming on-board.
Joining this investment round are 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 vision of Chekkit has always been to save lives by becoming the leading product authentication and distribution tracking solution around the globe.
Over the past few years, the startup 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, Chekkit has secured over 7 million pharmaceutical products, protected over 200,000 consumers, and expanded our partnership with the Afghan government for the verification and tracking of over 200 million products in the Middle-Eastern country.
The startup has achieved all this by working with pharmaceutical companies like Merck, Royal Star Pharma, Nabros Pharmaceutical, to mention but a few.
These brands have been able to optimize their promotions, loyalty programs, and also collect valuable insights directly from their consumers using smart intuitive surveys.
In terms of working with the government and non-profit organizations, Chekkit deployed a covid19 engagement solution in partnership with the African Union and the AfricaCDC, and has constantly worked with regulatory and standardization bodies like NAFDAC, GS1, and the FCCPC to ensure that the products consumed are safe and of the best standards.
Dare Odumade, CEO of Chekkit, speaking on the secured investment funding 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.”
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, 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, 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 the Chekkit 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
The funds we have raised will be utilized in further strengthening our anti-counterfeiting and consumer engagement solution as well as building out our robust supply chain tracking and infrastructural optimization technologies.
In terms of impact, the funds raised will enable us to directly protect up to 100 million lives across the globe.
To achieve this, Chekkit will be expanding its team of innovators with like-minded and innovative individuals to join them on this noble quest.
Chekkit looks forward to shaping the future of the FMCG and pharmaceutical industries with you as enabling stakeholders.