Chekkit Technologies have raised a seed fund of $500000 to further strengthen their anti-counterfeiting and consumer engagement solution. Chekkit protects people and organisations from consuming counterfeit products by providing consumers with means of identifying original products. From pharmaceuticals to daily consumer products, Chekkit has developed multiple solutions that help in product authentication and distribution tracking.
The seed fund has also brought many investors on board who include; Launch Africa, Japan Strategic capital, Blockchain Founders Fund, two syndicate groups of angel investors and lastly, a grant from Orange Corners program.
Chekkit has been operating in Nigeria and Afghanistan and in 2 years, they have been able to protect over 7 million pharmaceutical products, protected over 200,000 consumers. In addition, they have expanded their partnership with the Afghan government for the verification and tracking of over 200 million products there.
Checkkit has worked with various pharmaceutical companies like Merck, Royal Star Pharma, Nabros Pharmaceutical and consumer goods brands like Indomie, Nivea, Flourmills of Nigeria Plc among others.
Speaking on the secured investment funding, Dare Odumade, CEO of Chekkit, said this;
“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.
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Biola Alabi (co-leader of one of the angel syndicate groups) said this on why they chose Chekkit as a viable investment.
“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”.
Source:TechBuildAfrica
