South Africa: HAVAÍC portfolio company closes merger
HearX Group – a HAVAÍC Fund 1 and Fund 2 portfolio company – has merged with Eargo to form LXE Hearing.
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HearX Group – a HAVAÍC Fund 1 and Fund 2 portfolio company – has merged with Eargo to form LXE Hearing. Backed by an additional $100 million investment from Patient Square Capital, the deal creates a new hearing health company.
A HAVAÍC portfolio company since 2019, the hearX Group launched in 2015 to provide solutions for hearing loss. In 2022, the group’s Lexie Hearing Aid was one of the first over-the-counter hearing aids sold across the United States.
LXE Hearing will operate as one company with its two established consumer hearing aid brands, Eargo and Lexie Hearing.
Ian Lessem, managing partner at HAVAÍC says, "Thanks to our continent’s unique blend of local innovation and the need to tackle real-world challenges head-on, our African-born portfolio continues to defy gravity, and hearX personifies this.
"From its early days as a Pretoria-based startup to now a globally recognised leader in healthtech, the hearX Group improves lives, demonstrates the entrepreneurial potential of the continent, and brings about shareholder value in the process.
"Added to our recent landmark RapidDeploy exit, this merger further demonstrates the incredible momentum within our portfolio and the wider African VC industry."
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