MOUNTAIN VIEW, CALIFORNIA — Silicon Valley-based hearing aid maker, Eargo, announced the closing of a $45 million Series C investment round last week. The company, which has been manufacturing and selling rechargeable, direct-to-consumer hearing devices since 2015, will use the investment for “product innovation, market expansion and branding”
According to the announcement, the new investment was led by Nan Fung Life Sciences, which also included investments from New Enterprise Associates (NEA), Charles and Helen Schwab, and Maveron.
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Eargo believes the new investments will help the company work towards its goal of becoming the leading direct-to-consumer hearing health brand.
“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. By employing innovative technology, a customer-first mindset, and a fresh approach to marketing, Eargo is transforming the consumer health tech industry.” — Josh Makower, MD, NEA General Partner and head of Medtech investing
“We believe Eargo will play a key role as an innovator in the global hearing technology space,” said Peter Bisgaard, the Managing Director of Nan Fung Life Sciences.
“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.”
