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For Chekkit, this presents an opportunity to scale its technology that provides manufacturers with serialization and traceability solutions in line with global standards. Recently, Chekkit raised an undisclosed round of funding from Adaverse, a Cardano ecosystem accelerator, with participation from existing investors such as RTA, HoaQ, Launch Africa, and Blockchain Founders Fund. This comes after Chekkit was officially announced as the first approved GS1/NAFDAC traceability solutions provider in Nigeria. Vincent Li, founding partner at Adaverse, commented on Chekkit’s potential, stating that Chekkit aims to repair the trust gap between consumers and manufacturers through its blockchain-secured channel, prioritizing consumer insights. He further added that Adaverse sees the potential for Chekkit to transform the supply chain industry and disrupt the DataFi market, and they are excited to support Chekkit’s infrastructure scaling efforts. Shogo Ishida, co-CEO of EMURGO Middle East and Africa, also praised Chekkit, stating that startups like Chekkit are well-positioned to leverage the emerging data-driven economy in the digital age with the building blocks of Web3 and the use of Cardano blockchain tools. Chekkit can help young economies leap ahead in data authenticity and gain valuable consumer insights.
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The funds raised will be utilized by Chekkit to onboard more manufacturers in Nigeria and other African regions and expand to new markets in India, the UK, and the Middle East, with the goal of becoming the leading traceability platform in Africa. Dare Odumade, Chekkit’s CEO, expressed his excitement about the fundraising, stating that since raising their pre-seed round in 2021, Chekkit has partnered and integrated its traceability and consumer intelligence solution with SAP, a global software giant. This enables pharmaceutical brands already using SAP’s Advanced Track and Trace Platform to collect and analyze last-mile patient data through user surveys embedded in the GS1 serial codes. Chekkit has also integrated the GS1 global standards system, making its serialization software compliant with regulations in over 100 countries worldwide. The funds will be used to scale Chekkit’s team, technology, and product distribution, including hiring for senior roles and expanding into new countries such as India and the UK. Chekkit utilizes blockchain (distributed ledger) technology to secure the unique identifiers generated for products and prevent duplication of serial codes, as well as to secure consumer personal data. Chekkit also has plans to deploy an open-source Web3 API in the near future, providing access to an ecosystem of third-party developers interested in leveraging drug and consumer packaged goods (CPG) data for inventory, shopping, shipping, and payment solutions development.
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Chekkit Technologies was founded in 2018 by Dare Odumade with the support of Oluwatosin Adelowo and Samuel Ukhueleigbe as Co-Founders. The four-year-old startup has already secured over 50 million pharmaceutical and consumer goods products, ensuring end users have access to safe and genuine products. Featured Image Source: Salient Advisory Health Tech
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