Nigerian startup Chekkit has secured an undisclosed amount of funding to help it scale its blockchain-powered drug safety and tracking solution.
The company founded in 2018 uses its platform to track the movement of healthcare products from the warehouse to the distributor, all the way to the final consumer.
Through its blockchain system, Chekkit produces tamper-proof unique ID labels in form of QR codes or numeric codes that can be placed on premium packaged food and beverage products for supply chain and consumer counterchecking.
Since its inception, the company has facilitated the movement and tracking of more than 50 million pharmaceutical and consumer goods.
The company’s fortune is bound to change after Nigeria’s National Agency for Food and Drug Administration and Control (NAFDAC) mandated that pharmaceutical products implement end-to-end serialization and traceability from the end of 2024.
Chekkit raised its recent funding from Adaverse, a Cardano ecosystem accelerator, with participation from existing investors such as RTA, HoaQ, Launch Africa, and Blockchain Founders Fund.
Company CEO, Dare Odumade, said “We are expanding our team by hiring for more senior roles and launching in new countries like India and the UK,” Odumade said, citing that India is a priority market “because 70% of drugs sold in the MENA region are imported from India, while the UK gives us access to the Eurozone which is also responsible for producing a good number of chronic medications shipped to Africa.”
Vincent Li, the founding partner at Adaverse, noted, “Chekkit is not just another anti-counterfeiting solution. Rather, it aims to repair the prevailing rift in consumer-manufacturer trust with the blockchain-secured channel, prioritizing consumer insights.
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