Chekkit, a Nigerian startup, has secured more financing further to develop its blockchain-powered pharmaceutical tracking and safety service. Chekkit operates as a platform that records product movement and the parties involved in transporting products from the warehouse to the distributor and finally to the end customer.
The company secured an undisclosed amount of investment from Adaverse, a Cardano ecosystem accelerator, with involvement from previous investors such as RTA, HoaQ, Launch Africa Ventures, and Blockchain Founders Fund. This follows Chekkit’s announcement in 2021 as the first licenced GS1/NAFDAC traceability solutions provider in Nigeria, as well as a US$500,000 pre-seed fundraising round.
With the new fund, the startup will be enabled to sign up more manufacturers in Nigeria and throughout Africa, as well as enter new markets in India, the United Kingdom, and the Middle East. The company’s technology innovation generates tamper-proof unique ID labels, such as QR codes or numeric numbers, that can be put on premium packaged food and beverage products to track the supply chain and customer feedback.
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The firm has incorporated the GS1 global standards system
Chekkit has been instrumental in the security of over 50 million pharmaceutical and consumer goods products, and it is poised for further expansion now that Nigeria’s National Agency for Food and Drug Administration and Control (NAFDAC) has mandated that pharmaceutical products implement end-to-end serialization and traceability by the end of 2024.
Dare Odumade, CEO of Chekkit, said that the firm has collaborated with and integrated its pharmaceutical traceability and consumer intelligence solution with SAP, allowing pharmaceutical firms who currently use SAP’s Advanced Track and Trace Platform to gather and analyse last-mile patient data. In addition, the firm has incorporated the GS1 global standards system, making its serialisation software regulatory compliant in over 100 countries worldwide.
“We are currently looking into ways to optimize and strengthen supply chains in other African and Middle Eastern regions through collaborations with major pharmaceutical donors, manufacturers, governments, and the United Nations Development Programme (UNDP). We are devoting a portion of our efforts on restoring the public pharmaceutical supply chains of these low- to middle-income nations.”
According to Vincent Li, founding partner of Adaverse, Chekkit is more than simply another anti-counterfeiting solution.
“Rather, it seeks to repair the current schism in consumer-manufacturer trust through the blockchain-secured channel, emphasising consumer insights.” “We see the potential to disrupt the DataFi market and transform the supply chain industry, and we’re excited to support the scaling of Chekkit’s infrastructure,” he added.
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About Chekkit
Chekkit, founded in 2018, is incorporated in Nigeria and the United States, and has considerable expertise working with small, medium, and FTSE100 firms across various continents, with a special emphasis on consumer goods and pharmaceutical product manufacturers/producers. The firm aspires to be the world’s top product identification and distribution tracking technology solution.
