Eargo Raises More Than $52 Million in Series D Funding Round
SAN JOSE, Calif.--(BUSINESS WIRE)--Mar 5, 2019--Eargo, the direct-to-consumer health tech company destigmatizing hearing loss through consumer-driven innovation, today 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.
The company will 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 continues to create and innovate the world’s smallest, virtually invisible, rechargeable hearing aids at a reduced cost compared to standard market offerings. 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 aims to drive awareness of hearing health and promote accessibility to hearing solutions for all.
As the first modern brand designed to enrich the lives of baby boomers with hearing loss, Eargo’s end goal is to help millions of people re-engage in life’s experiences. Whether at home or in the workplace, Eargo empowers people to experience life in full, rich sound with a solution that challenges the stereotypes traditionally associated with aging.
“Our goal is to re-invent 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.”
Hearing loss is natural and happens to the best of us. Many baby boomers today are coming to this realization but there is no brand addressing their needs for a hearing solution that is complementary to their active lifestyles—until now. Eargo offers consumers a new avenue to satisfy hearing needs at their convenience with access to professional care, and in doing so is shaking up the $20 billion hearing aid industry dominated by intermediaries that haven’t adopted many of today’s technological advances, nor considered shifting buying habits and expectations.
“Eargo is bringing hearing aids into the 21 st 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 best known for the Eargo Max, the award-winning rechargeable hearing aid that fits discreetly inside the customer’s ear, removing the social stigmas traditionally associated with hearing aids, which was recently named to TIME Magazine’s Best Inventions of 2018. Eargo’s patented Flexi Fibers, made from soft, medical-grade silicone, 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.
In February 2019, Eargo unveiled its latest product, Eargo Neo, which represents a crowning achievement in sound technology, a new degree of ultra-comfort and introduces connectivity to Eargo’s product lineup with devices that can be customized remotely to provide more personalized hearing profiles for consumers.
To learn more about Eargo, please visit https://eargo.com/.
Eargo is a direct-to-consumer hearing aid brand that engineers, manufactures, markets and supports its own revolutionary and virtually invisible devices. The company’s aim is to bring hearing to the masses by creating the first modern brand for baby boomers who value wellness and desire to live an active lifestyle rooted in meaningful experiences. The company’s mission is to destigmatize hearing loss by providing an enhanced auditory experience for millions of people across America. Eargo brings a new form factor, business model, and refreshing brand to an archaic industry overrun by inflated prices, needless intermediaries, and complex purchasing barriers. For the first time ever, there’s a brand dedicated to boomers that provides underserved consumers with great technology, a modern buying experience, and a clear understanding of hearing health.
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CONTACT: Moxie Communications Group
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES GENERAL HEALTH
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PUB: 03/05/2019 10:00 AM/DISC: 03/05/2019 10:01 AM