Nigeria anti-counterfeiting software company, Chekkit, said it has closed a $500,000 pre-seed funding round for its operations, which primarily entail building technology that aids in protecting consumers from patronising fake products by using mobile phones for verification.
This was disclosed by Tosin Adelowo, Chekkit co-founder, in a statement shared with PREMIUM TIMES.
Founded in 2018 by Dare Odumade, Chekkit is incorporated in Nigeria and the USA with particular focus on manufacturers of consumer goods as well as those of pharmaceutical products.
According to the company, Launch Africa, Japan Strategic capital, Blockchain Founders Fund, and two syndicate groups of angel investors are joining the investment round.
“Completing the funding is a grant from the Orange Corners program,” the statement said.
The document further stated Chekkit has helped protect consumers and producers in both Nigeria and Afghanistan from the dangers of counterfeit products by providing the consumers with a means to identify original products over the past few years.
“We deployed a Covid-19 engagement solution in partnership with the African Union and the AfricaCDC, and we are constantly working with regulatory and standardisation bodies like NAFDAC, GS1, and the FCCPC to ensure that the products we use are safe and of the best standards for consumption,” Mr Adelowo said.
The funds raised are to be utilised in consolidating anti-counterfeiting and consumer engagement solutions as well as developing formidable supply chain tracking and infrastructural optimisation technologies.
They will also enable the firm to provide direct protection for up to 100 million lives globally, Adelowo said, adding that the dream would be achieved via the expansion of the company’s team of innovators.
According to CEO and co-founder Dare Odumade, “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.”
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