Chekkit, An Anti-counterfeiting Startup Based In Nigeria, Has Raised $500k In Pre-seed Funding
Chekkit, an anti-counterfeiting startup based in Nigeria, has raised $500k in pre-seed funding
Chekkit Technologies, a Nigeria-based anti-counterfeiting startup, has raised $500,000 in a pre-seed round of funding to expand its team and technological infrastructure, according to the company.
According to the organization's mission statement, it seeks to "save more lives while also strengthening the FMCG — fast-moving consumer goods — and pharmaceutical industries."
Pan African VC, Launch Africa, Japan Strategic Capital, Blockchain Founders Fund, and two syndicates of angel investors took part in this round, as did two other syndicates of angel investors. In addition, the company received a grant from the Orange Corners program in the Netherlands.
Chekkit, which was founded in 2018 by Dare Odumade, CEO, and Oluwatosin Adelowo, CMO, provides product verification and anti-counterfeiting solutions through the use of Blockchain technology. It claims to be able to protect manufacturers and consumers from food and drug forgeries and counterfeiting.
Chekkit announced plans to conduct a pilot project in Afghanistan in 2020. At the AfricArena Summit in November, the company finished as the first runner-up in a blockchain pitch competition sponsored by Fantom, a DAG-based smart contract platform, and as the first runner-up in the overall competition.
Immediately following the event, Afghanistan's Ministry of Health signed a Memorandum of Understanding with Fantom and Chekkit for a three-month pilot project to track and verify 80,000 pharmaceutical products that were sold.
Biola Alabi, a leader of one of the angel syndicate groups, explains why they chose Chekkit as a viable investment opportunity: "It was a no-brainer for us."
“I am thrilled that the company is developing and deploying blockchain technology to complete the development of its solution. It is my pleasure to be an investor in Chekkit, which has an experienced team, strong local and global traction. It is also my pleasure to lead a group of other investors in the company's development.”
Chekkit's advisory board will be strengthened by the addition of Alabi, who brings with her a wealth of knowledge in the media and communications fields. She currently serves as a non-executive director of Unilever Nigeria Plc. in addition to her other roles.
The company's statement states that it has secured over 7 million pharmaceutical products, protected over 200,000 consumers, and expanded its partnership with the Afghan government to verify and track more than 200 million products in the country.
In Conclusion
In Afghanistan, it has collaborated with pharmaceutical companies such as Merck, Royal Star Pharma, and Nabros Pharmaceutical, among others. Chekkit has also worked with a number of other companies, including Indomie, Nivea, and Flour Mills of Nigeria Plc.
In partnership with the African Union and the African Centre for Disease Control, the company will launch its COVID-19 USSD Help & Information Center in 2020.
