Eargo, a Mountain View, Calif-based hearing aid manufacturer, announced the closing of the first tranche of an aggregate $45 million Series C investment round.

The new investment was led by Nan Fung Life Sciences, a global investment platform focused on life sciences that’s a part of the Nan Fung Group, and also included investments from New Enterprise Associates (NEA), Charles and Helen Schwab, and Maveron. The new funds will be used to accelerate Eargo’s product innovation, marketing, and branding initiatives.

“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.”

Eargo is meant for consumers with on-the-go lifestyles and the desire for simplicity with its hearing aids that are designed to be inconspicuous as well as comfortable, according to Eargo.

“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.”

Eargo is working to remove the stigma associated with hearing loss as it works toward becoming the leading direct-to-consumer hearing health brand.

“We welcome Nan Fung Life Sciences to our team of strong investors and thank our current investors for their continued support,” said Christian Gormsen, Eargo CEO. “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: Eargo

Image: Eargo