Anti-Counterfeiting Startup Chekkit Raises $500k Pre-Seed Funding

Image

By Adedapo Adesanya

Chekkit Technologies, a Nigerian-based anti-counterfeiting startup, has announced a $500,000 pre-seed round as it looks to expand its team and technological infrastructure to achieve its goal of consumers’ safety.

According to the company in a statement, it aims to save more lives and further secure the fast-moving consumer goods (FMCG) and pharmaceutical industries.

The round saw Pan African VC, Launch Africa, Japan Strategic Capital, Blockchain Founders Fund and two syndicate groups of angel investors. The company also received a grant from Netherlands’ Orange Corners programme.

Founded in 2018 by Messrs Dare Odumade, Chief Executive Officer and Oluwatosin Adelowo, Chief Marketing Officer, Chekkit offer product verification and anti-counterfeiting solutions using Blockchain.

The company claims to protect manufacturers and consumers against food and drug counterfeits.

Speaking on the latest development, Mr Odumade said, “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.”

He also revealed plans to launch “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.”

In 2020, Chekkit announced a pilot in Afghanistan. This move came after the company finished the first runner up in a blockchain pitch competition — sponsored by Fantom, a DAG-based smart contract platform — at the AfricArena Summit in November 2019.

After the event, Afghanistan’s Ministry of Health signed a Memorandum of Understanding with Fantom and Chekkit for a 3-month pilot project to track and verify 80,000 pharmaceutical products sold.

Mrs Biola Alabi, a leader of one of the angel syndicate groups, speaking on why they chose Chekkit as a viable investment said, “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.”

Mrs Alabi will join Chekkit’s advisory board, bringing with her years of experience in media and communications. She currently serves as a non-executive director at Unilever Nigeria Plc.

As contained in the company’s statement, Chekkit has secured over 7 million pharmaceutical products, protected over 200,000 consumers, and expanded its partnership with the Afghan government to verify and track over 200 million products.

It has worked with pharmaceutical companies like Merck, Royal Star Pharma, and Nabros Pharmaceutical in Afghanistan. Chekkit has also worked with Indomie, Nivea, and Flour Mills of Nigeria Plc.

In 2020, the company deployed its COVID-19 USSD Help & Information Center in partnership with the African Union and the Africa Centre for Disease Control.

Share
More Stories
Image
11-December-2017

Apps That Will Help You Get Your Work Done Before Holidays

In today’s fast-moving work environment, there just never appears to be enough hours in a day, primarily when we are dealing with multiple deadlines that we have to meet and new items on our never-ending to-do list. As the holidays are fast approaching, people are even more in a hurry to finish their work related stuff on time. In order to keep up with this hectic environment, professionals are relying on productivity apps to keep them organized and stress-free. Also, there appears to be another enemy to our productivity and it is called distraction. Distraction is everywhere and basically it

Image
11-March-2021

Apprehension as Gunmen Attack Wema Bank in Okuku Osun

By Dipo Olowookere There was pandemonium in Okuku town under Odo Otin Local Government Area of Osun State on Thursday afternoon as a result of a robbery incident. Business Post gathered that the gunmen stormed a branch of a commercial bank in the town, Wema Bank Plc, which is along the Offa-Ilorin road. It was not certain if they carted away with cash during the unfortunate incident. However, from the images from the scene seen by this newspaper, the Automated Teller Machines (ATMs) point of the bank was destroyed by the robbers. Reports said the Commissioner of Police in Osun

Image
01-April-2017

Seplat Declares 352% Profit Loss for 2016

By Modupe Gbadeyanka Leading Nigerian indigenous oil and gas company, Seplat, listed on both the Nigerian Stock Exchange (NSE) and the London Stock Exchange (LSE), has announced its full year 2016 financial results and provides and operational update. In the financial statements, it was disclosed that results were impacted by force majeure at Forcados terminal with net working interest production at 25,877 boepd. The firm said its revenue for the year suffered a 55 percent loss in 2016 to N63 billion versus N113 billion posted in the corresponding period of 2015. Also, Seplat realised a gross profit of N16 billion

Image
14-December-2020

Interswitch Launches Multi-Currency Credit Card

By Adedapo Adesanya Interswitch Group, Africa’s largest digital payment company, has partnered with Kenya’s Credit Bank Plc to launch a multi-currency prepaid card. The card is aimed at providing consumers with an excellent alternative banking card that allows for safe, secure and seamless electronic transactions. The Country General Manager, Interswitch Kenya, Mr Romana Rajput, stated at the launch that the partnership is a boost to Interswitch’s issuing business, adding that it is further proof of the company’s leadership position in the financial services industry on the continent. “This is definitely a boost to Interswitch’s issuer-support and third-party processing business. We

Image
24-March-2018

NASD USI, Market Capitalisation Gain 0.23%

By Modupe Gbadeyanka Trading activities on the floor of the NASD OTC Market ended this week on a brighter note with appreciation recorded by the major market indicators. Specifically, the NASD Unquoted Stock Index (USI) advanced by 0.23 percent, while the market capitalisation also improved by the same margin, 0.23 percent. Business Post reports that the NASD closed at 662.80 points this week against 661.30 points last Friday, while the market capitalisation finished at N448.53 billion compared with N447.52 billion last Friday. This occurred after both the NASD USI and market capitalisation had suffered successive week-on-week (w-o-w) losses. Central Securities

Image
26-October-2020

GTBank, Two Others Account for 50.87% of NSE Weekly Trading Value

By Modupe Gbadeyanka Last week, investors at the Nigerian Stock Exchange (NSE) transacted 1.5 billion shares worth N19.7 billion in 20,552 deals in contrast to the previous week’s 2.0 billion equities valued at N23.0 billion traded in 22,844 deals. A breakdown of these transactions showed that GTBank, Access Bank and UBA accounted for 633.5 million shares worth N10.0 billion in 3,887deals, contributing 42.08 per cent and 50.87 per cent to the total trading volume and value respectively. By sector, the activity chart was led by the financial services, which traded 1.2 billion units worth N15.0 billion in 11,318 deals, contributing

Image
08-October-2018

FG Begins Verification of Nigeria Airways Pensioners October 15

By Modupe Gbadeyanka The fresh verification of former employees of the defunct Nigeria Airways Limited will commence on Monday, October 15, 2018, Business Post has confirmed. The exercise will take place for five days and the pensioners across the country would be screened by a committee set up for the purpose ahead of payment of the recently released N22.68 billion by federal government, about 50 percent of the total severance package of the beneficiaries. Business Post confirmed on Monday morning that names of the ex-workers of the nation’s former national carrier have been pasted with their respective days of verification. Our

Image
05-May-2023

DELSU, Egwunyenga and Leadership

By Jerome-Mario Chijioke Utomi It is a pedestrian knowledge that the Delta State University, Abraka, Delta State, on Saturday, April 29, 3023, held its 15th convocation that produced 58 first-class graduands with Obuseh Emmanuel Ewere of Electrical/Electronic Engineering emerging the Overall Best Graduating Student with a C.G.P.A of 4.91. What is, however, newsy is that the week-long event, which was held with varying activities, has, more than anything else, revealed two separate but similar developments within the institution. First, the convocation ceremony provided guests made up of parents, media professionals, development professionals and critical stakeholders the opportunity to come in

Ad
Ad
Recent Stories
Image
05-March-2024

Naira Value Improves at Official Market, Deflates at Parallel Market

By Adedapo Adesanya The Naira appreciated further against the greenback in the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the FX market on Monday, March 5 by N14.06 or 0.9 per cent to trade at N1,534.19/$1 compared with last Friday’s value of N1,548.25/$1. The improvement in the value of the domestic currency happened as the forex market attempts to find stability after months of turbulence due to a shortfall in the supply of Dollars into the system. Yesterday, the value of forex trades depreciated by 39.7 per cent or $117.37 million to $178.63 million from the $296.00 million recorded

Image
05-March-2024

Oil Market Falls Despite OPEC+ Cut Extension

By Adedapo Adesanya  The oil market fell slightly on Monday, as demand headwinds outweighed a widely expected extension of voluntary output cuts through the middle of the year by the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent futures dropped 81 cents to quote at $82.74 a barrel while the US West Texas Intermediate (WTI) weakened by $1.22 to trade at $78.75 a barrel. The OPEC+ producers agreed over the weekend to extend their voluntary oil output cuts of 2.2 million barrels per day into the second quarter to cushion the market amid global economic concerns and

Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists