Eargo, a direct-to-consumer health tech company “destigmatizing hearing loss” through consumer-driven innovation, announced a Series D funding round of more than $52 million from existing investors New Enterprise Associates (NEA), the Charles and Helen Schwab Foundation, Nan Fung Life Sciences, Maveron, and new investor Future Fund, Australia’s sovereign wealth fund.
According to the company, it plans to use the resources from its new investment to further accelerate product innovation, increase awareness of hearing loss, and continue to enhance customer experience while driving growth in the domestic market.
Eargo says it “continues to create and innovate hearing aids at a reduced cost compared to standard market offerings.” The company aims to drive awareness of hearing health and promote accessibility to hearing solutions for all.
“Our goal is to reinvent this industry and give the consumer better and more choices when it comes to their hearing health,” said Christian Gormsen, CEO of Eargo. “At Eargo, we strive to provide hearing solutions that people actually want, which includes best-in-class hearing aids that are invisible, easily accessible, state-of-the art, and supported with ongoing professional care. The backing from great investors gives us the momentum to continue our growth with even more incredible products and experiences in 2019 and beyond.”
“Eargo is bringing hearing aids into the 21st Century with a better product that is more accessible for consumers,” said Josh Makower, Chairman of Eargo’s Board of Directors and General Partner at NEA. “We’re excited about Eargo’s rapid commercial momentum and are proud to see how many people’s lives we’re improving who might have never considered purchasing a hearing aid before.”
Eargo is known for the Eargo Max, an award-winning rechargeable hearing aid that was recently named to TIME Magazine’s Best Inventions of 2018. Eargo’s patented Flexi Fibers, made from soft, medical-grade silicone, help allow for a more “open, natural sound experience, amplifying sounds within the customer’s line of sight and reduces surrounding noises, enabling people to once again experience life in full, rich sound,” according to Eargo.
In February 2019, Eargo unveiled its latest product, Eargo Neo.
To learn more about Eargo, please visit: https://eargo.com/