Chekkit Technologies, a Lagos-based drug anti-counterfeit startup, has announced the close of their first institutional investment, a $500,000 pre-seed round that included Launch Africa, Japan Strategic Capital, Blockchain Founders Fund, and two syndicate groups of angel investors. The round was completed with a grant from the Orange Corners initiative.
“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,” Dare Odumade, CEO of Chekkit.
“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.”
The cash will be used for product development, as well as expanding their existing anti-counterfeiting and consumer interaction solutions and developing comprehensive supply chain tracking and infrastructure optimization technologies. “The funds raised will enable us to directly protect up to 100 million lives across the globe,” the firm added in a statement. “To achieve this, we’ll be growing our team of innovators with like-minded and innovative individuals to join us on this noble journey.”
According to a statement from the startup, Biola Alabi, co-leader of one of the angel syndicate groups, would be joining Chekkit’s advisory board. The startup said she would be “bringing in years of experience in media and communications as well as industry-related know-how as she currently serves as a non-executive director at Unilever Nigeria Plc”.
Why The Investors Invested
“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,” Alabi said.
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“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 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,” she added.
A Look At What The Startup Does
Founded in 2018, Chekkit Technologies is a Nigeria-based software company that provides product identification and distribution tracking solutions to FMCG and pharmaceutical companies. Their solution helps people avoid purchasing or using counterfeit goods.
Chekkit has helped consumers and manufacturers in Nigeria and Afghanistan protect themselves from the dangers of counterfeit products in recent years by providing consumers with a way to identify genuine products. This has resulted in the security of over 7 million pharmaceutical products, the protection of over 200,000 consumers, and the expansion of their relationship with the Afghan government for the verification and tracking of over 200 million products in the Middle East. Working with pharmaceutical businesses such as Merck, Royal Star Pharma, and Nabros Pharmaceutical, they were able to accomplish all of this.
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They’ve also helped consumer products companies like Indomie, Nivea, and Flourmills of Nigeria Plc use Chekkit’s point-of-sale consumer interaction technology to reach closer to their customers. These firms, according to Chekkit, have been able to optimize their promotions, loyalty programs, and acquire important insights directly from their customers through smart intuitive surveys.
They installed a COVID-19 engagement solution in conjunction with the African Union and the AfricaCDC, and we are continually engaging with regulatory and standardisation agencies like NAFDAC, GS1, and the FCCPC to ensure that the products utilized are safe and of the highest standards for consumption.
Chekkit counterfeit Chekkit counterfeit
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer