What is Eargo?
Eargo, Inc. is an American medical device company that specializes in the design, manufacture, and direct-to-consumer sale of innovative hearing aids. Its core offerings are virtually invisible, rechargeable, and completely-in-canal hearing devices engineered for individuals with mild to moderate hearing loss. By integrating proprietary hearing technology with mobile applications and licensed hearing professionals, Eargo aims to provide personalized support and fitting services without the need for traditional clinic visits. Founded in 2010 and headquartered in San Jose, California, Eargo's mission is to democratize hearing care by enhancing the accessibility and affordability of high-quality hearing aids. The company recently merged with hearX Group to form LXE Hearing, further expanding its presence in the over-the-counter hearing aid market.
How much funding has Eargo raised?
Eargo has raised a total of $506.4M across 9 funding rounds:
Series A
$13M
Series B
$25M
Private Equity
$32.4M
Series C
$45M
Series D
$52M
Multiple Rounds
$214M
Private Equity
$125M
Series A (2015): $13M with participation from Maveron, Crosslink Capital, Birchmere Ventures, and Dolby Family Ventures
Series B (2015): $25M led by New Enterprise Associates
Private Equity (2017): $32.4M supported by New Enterprise Associates
Series C (2017): $45M featuring Maveron and New Enterprise Associates
Series D (2019): $52M backed by Future Fund, Nan Fung Life Sciences, New Enterprise Associates, Maveron, and Charles and Helen Schwab Foundation
Debt (2020): $2M with participation from PPP
Series E (2020): $71M led by Helen Schwab Foundation, Gilde Healthcare company, Longitude Capital, Nan Fung Life Sciences, and New Enterprise Associates , Inc.
Stock Issuance/Offering (2020): $141M, investors not publicly disclosed
Private Equity (2022): $125M featuring Patient Square Capital
Key Investors in Eargo
Longitude Capital
Longitude Capital is a healthcare focused venture capital firm that invests in biotechnology, medical technology and health solutions companies, pairing sector expertise, flexible capital and active partnership to help innovators scale and improve patient care.
Nan Fung Life Sciences
Nan Fung Group is a privately held group of companies carrying on the business of property development as its core business in Greater China.
New Enterprise Associates
Established in 1977 and headquartered in Menlo Park, California. New Enterprise Associates(NEA) is a venture capital firm focused on helping entrepreneurs build businesses.
What's next for Eargo?
The recent major strategic investment in Eargo signals a pivotal moment for the company, likely indicating a focus on scaling operations, expanding market reach, and further innovating its product line. Given the enterprise-level funding context, Eargo appears to be in a growth or scaling phase, potentially preparing for broader market penetration or the development of next-generation hearing solutions. This capital infusion is expected to bolster its competitive position against both traditional hearing aid manufacturers and emerging direct-to-consumer competitors, reinforcing its commitment to making advanced hearing technology more accessible.
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