Chekkit, the Nigeria-based anti-counterfeit startup has announced an undisclosed amount of funding led by Adaverse.

The funds raised will enable the company onboard more manufacturers across Nigeria and other regions in Africa, while also spreading its tentacles to new markets in India, the UK and the Middle East with a target to become the leading traceability platform in Africa.

Adaverse is a venture partnership between Emurgo Africa and a Middle East and Africa-focused establishment of Cardano blockchain founding entity EMURGO, and Everest Ventures Group.

Chekkit’s Business is Wound Around Product Traceability

Chekkit is a blockchain-based product authentication, consumer intelligence and distribution tracking platform that blends big data and market insights with authentication technology. Users can authenticate products through USSD or its mobile application.

“Chekkit has partnered and integrated its traceability and consumer intelligence solution with SAP enabling pharmaceutical brands that already use SAP’s Advanced Track and Trace Platform to be able to collect and analyze last-mile patient data acquired via user surveys embedded in the GS1 serial codes,” Dare Odumade, Chekkit’s CEO said in a statement.

“The company has also integrated the GS1 global standards system, making our serialization software regulatory compliant in over 100 countries globally,” he states.

Apart from scaling the team in terms of tech and product distribution, Chekkit is keen on countries like India and the UK.

“India 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,” the CEO mentions.

Chekkit’s Infrastructure Needs Strengthening as Users Increase

Vincent Li, the founding partner at Adaverse, said that Chekkit’s aim to repair the prevailing rift in consumer-manufacturer trust with the blockchain-secured channel has great potential.

“We see the potential to transform the supply chain industry and disrupt the DataFi market and we’re excited to support the scaling of Chekkit’s infrastructure,” Li says.

Shogo Ishida, co-CEO of EMURGO Middle East and Africa said startups like Chekkit stand a big chance of taking advantage of the emerging data-driven economy in Africa. “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,” he said.