Nigerian Blockchain-Powered Anti-Counterfeiting Innovation Chekkit Receives Funding
Chekkit is a Innovation startup that was founded in 2018 at the Meltwater Entrepreneurial School of Technology (MEST) in Accra, Ghana. The company’s platform monitors the flow of goods from warehouse to distributor to retailer to consumer.
Chekkit’s main functions are as an asset tracking and customer feedback analytics platform with anti-counterfeiting capabilities. It generates tamper-proof unique ID labels, in the form of QR codes or numeric codes, that can be affixed to high-quality food and drink products in order to monitor their distribution and customer satisfaction.
Nigeria’s National Agency for Food and Drug Administration and Control (NAFDAC) recently announced that all pharmaceutical products must implement end-to-end serialisation and traceability by the end of 2024, signaling further growth for the startup.
Chekkit has raised a new round of funding from Adaverse, a Cardano ecosystem accelerator, and other investors including RTA, HoaQ, Launch Africa Ventures, and Blockchain Founders Fund. The amount raised is undisclosed. After raising US$500,000 in a pre-seed funding round in 2021, Chekkit has now become the first GS1/NAFDAC-approved provider of traceability solutions in Nigeria.
Chekkit will be able to expand into new markets in India, the United Kingdom, and the Middle East with the money, as well as bring on board more manufacturers in Nigeria and other parts of Africa.
“Since raising our pre-seed round of US$500,000 in 2021, Chekkit has partnered and integrated its pharmaceutical traceability and consumer intelligence solution with SAP, enabling pharmaceutical brands that already use SAP’s Advanced Track and Trace Platform to be able to collect and analyse last-mile patient data. The company has also integrated the GS1 global standards system, making our serialisation software regulatory compliant in over 100 countries globally,” said Dare Odumade, Chekkit’s CEO.
“We are currently exploring opportunities to optimise and strengthen supply chains for other African and Middle Eastern regions through partnerships with major pharmaceutical donors, manufacturers, governments, and the United Nations Development Programme (UNDP). We are focusing a side of the business on fixing the public pharmaceutical supply chains of these low to middle-income earning countries.”
Adaverse co-founder Vincent Li argued that Chekkit was unique among anti-counterfeiting tools.
Instead, it puts an emphasis on consumer feedback and uses a blockchain-secured channel to mend the trust gap between manufacturers and customers. We are excited to back the expansion of Chekkit’s infrastructure because of the positive impact it could have on the supply chain industry and the DataFi market.