Nigerian startup Chekkit has secured additional funding to help scale its blockchain-powered drug safety and tracking solution.
Founded in 2018, Chekkit has built a platform that tracks product movement and the parties involved in transferring products from the warehouse to the distributor and onto the final consumer.
The platform produces tamper-proof unique ID labels, either as QR codes or numeric codes, which can be placed on premium packaged food and beverage products for supply chain and consumer feedback tracking.
Chekkit has helped secure over 50 million pharmaceutical and consumer goods products and is set for further growth after Nigeria’s National Agency for Food and Drug Administration and Control (NAFDAC) mandated that pharmaceutical products implement end-to-end serialisation and traceability from the end of 2024.
To help take advantage of this opportunity, Chekkit has raised an undisclosed round of funding from Adaverse, a Cardano ecosystem accelerator, with participation from existing investors.
Chekkit’s CEO, Dare Odumade, said the company has partnered and integrated its pharmaceutical traceability and consumer intelligence solution with SAP, enabling pharmaceutical brands that already use SAP’s Advanced Track and Trace Platform to collect and analyse last-mile patient data.
The company has also integrated the GS1 global standards system, making its serialisation software regulatory compliant in over 100 countries globally.
The new funds will help Chekkit onboard more manufacturers across Nigeria and other African regions, while also expanding to new markets in India, the UK and the Middle East.