South Africa: Futuregrowth invests in medtech company

Futuregrowth’s Development Equity Fund (DEF) has invested in South African company hearX – a disruptive, early-stage medtech company.

The hearX Group was established in 2016 by Pretoria-based academics and still operates from there. Though still an early-stage investment for DEF, hearX has conducted over one million hearing tests and screenings worldwide since its inception. Its products are now used in over 68 countries. The company’s vision is to provide affordable and accessible hearing healthcare solutions through its world-first smartphone technology.

hearX CEO, Nic Klopper says, ”Our team is hard at work to make healthy hearing a very realistic, very affordable option for people with hearing loss around the world. Thanks to investors like Futuregrowth Asset Management, we are fast making this a reality.”

Says Amrish Narrandes, head of unlisted equity transactions at Futuregrowth, ”The hearX Group is disrupting the traditional hearing healthcare industry by democratising and decentralising access to hearing care. hearX Group is doing this through its unique pricing model, leveraging smart tech and accessing big data through an omni sales channel.”

The hearX investment expands the DEF portfolio’s global reach considerably and adds an entirely new dimension to the existing assets within the portfolio. Other early-stage business investments in the DEF portfolio include Rubicon, LifeCheq, Sweep South and Yoco, complemented by a variety of maturing and established companies in the developmental space.

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