Chekkit, a Nigerian healthtech startup, announced that it has raised $500k in a pre-seed funding round to strengthen its anti-counterfeiting and consumer engagement solution as well as build out its supply chain tracking and infrastructural optimization technologies. Investors in this round include Launch Africa, Japan Strategic capital, Blockchain Founders Fund, and two syndicate groups of angel investors. The startup also got a grant from the Orange Corners program
Founded in 2018, the goal of the startup is to develop cutting-edge technology solutions for the consumer goods and pharmaceutical industries which will help guarantee the integrity of products as well as safeguard the lives of consumers.
Since its inception, Chekkit has secured over 7 million pharmaceutical products, protected over 200,000 consumers. It recently announced the expansion of its partnership with the Afghan government for the verification and tracking of over 200 million products in the Middle Eastern country.
Chekkit stated that, “in terms of impact, the funds raised will enable us to directly protect up to 100 million lives across the globe. To achieve this, we’ll be expanding our team of innovators with like-minded and innovative individuals to join us on this noble quest.”
According to Biola Alabi (co-leader of one of the angel syndicate groups) on the investment in the startup,
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, manufacturers, and policymakers 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 Chekkit’s advisory board.
Dare Odumade, Chekkit’s CEO equally made a statement about the investment:
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.”
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, manufacturers, and policymakers 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”.
