SAN JOSE, CALIFORNIA — Direct-to-Consumer hearing aid maker, Eargo, has announced the closing of a Series D funding round of over $52 million. The company will use the resources from its latest investment to “further accelerate product innovation, increase awareness of hearing loss and continue to enhance customer experience while driving growth in the domestic market”.
The latest funding round came from existing investors New Enterprise Associates (NEA), the Charles and Helen Schwab Foundation, Nan Fung Life Sciences, Maveron and a new investor Future Fund, Australia’s sovereign wealth fund.
“Our goal is to re-invent this industry and give the consumer better and more choices when it comes to their hearing health. 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.”
–Christian Gormsen, CEO of Eargo
Eargo’s mission is to “change everything about the hearing aid industry, from how the devices are made, sold and used to how customers are supported throughout their entire hearing journey”. The company says that it aims to drive awareness of hearing health and promote accessibility to hearing solutions for all.
Eargo: Aiming to “Change Everything” About the Hearing Aid Industry
As a direct-to-consumer hearing aid company, Eargo’s model is aimed at disrupting the $20 billion hearing aid industry by tapping into modern consumer’s shifting buying habits and expectations.
“Eargo is bringing hearing aids into the 21st Century with a better product that is more accessible for consumers. 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.”
–Josh Makower, Eargo Board Chairman and General Partner at NEA
Eargo, which is best known for the Eargo Max, uses its unique, patented Flexi Fibers, made from soft, medical-grade silicone, that intended to allow for a more open, natural sound experience.
In February 2019, the company unveiled the Eargo Neo rechargeable hearing aids, which introduced connectivity to Eargo’s product lineup with devices that can be customized remotely to provide more personalized hearing profiles for consumers.