Eargo raises significant capital to fund innovative hearing technology

Direct-to-consumer

Eargo Plus
© Eargo

Eargo, headquartered in Mountain View, California, recently announced the closing of the first tranche of a USD 45 million Series C investment round. The investment funds will be used for product innovation, market expansion, and branding.

The company is a direct-to-consumer hearing technology enterprise that manufactures one of the world’s smallest rechargeable hearing aids. Eargo focusses on simplicity, with a nearly invisible and highly comfortable hearing aid, according to a press release in Markets Insider. The new investment was led by Nan Fung Life Sciences and included investments from New Enterprise Associates (NEA), Charles and Helen Schwab, and Maveron.

“We believe Eargo will play a key role as an innovator in the global hearing technology space,” said Peter Bisgaard, Managing Director of Nan Fung Life Sciences. “Nan Fung Life Sciences is excited to be a part of Eargo’s mission of making hearing easy.”

“We’re impressed by the traction and progress that Eargo has achieved thus far, and are excited to be a part of building this revolutionary company,” said NEA General Partner and head of Medtech investing, Josh Makower, MD. “By employing innovative technology, a customer-first mindset, and a fresh approach to marketing, Eargo is transforming the consumer health tech industry.”

Christian Gormsen, Eargo CEO, welcomed the new investors and emphasized the company’s approach: “We believe people shouldn’t feel that they need a hearing aid. They should feel that they want one. Eargo was created with this in mind and we’re just getting started.”

Source: Markets Insider

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