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. Targeting individuals with mild to moderate hearing loss, Eargo's products are characterized by their virtually invisible, rechargeable, and completely-in-canal design, leveraging patented features for enhanced comfort and aesthetics. The company integrates proprietary hearing technology with mobile applications and licensed hearing professionals to provide personalized support and fitting services, bypassing traditional clinic visits. Founded in 2010 and based in San Jose, California, Eargo aims to democratize hearing care by making high-quality hearing aids more accessible and affordable. The company has recently merged with hearX Group to form LXE Hearing, further solidifying its position 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 Crosslink Capital, Birchmere Ventures, Dolby Family Ventures, and Maveron
Series B (2015): $25M led by New Enterprise Associates
Private Equity (2017): $32.4M supported by New Enterprise Associates
Series C (2017): $45M featuring New Enterprise Associates and Maveron
Series D (2019): $52M backed by Future Fund, Nan Fung Life Sciences, Charles and Helen Schwab Foundation, Maveron, and New Enterprise Associates
Debt (2020): $2M with participation from PPP
Series E (2020): $71M led by Gilde Healthcare company, Longitude Capital, Nan Fung Life Sciences, Helen Schwab Foundation, 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
New Enterprise Associates
New Enterprise Associates (NEA) is a prominent venture capital firm established in 1977, known for its focus on helping entrepreneurs build businesses across various stages. Based in Menlo Park, California, NEA has a broad investment thesis and a history of backing innovative companies.
Maveron
Maveron is a consumer-focused venture capital firm founded in 1998, specializing in early-stage consumer brands that leverage human behavior and technological disruption. The firm is committed to fostering sustainable economic growth and has a notable portfolio of consumer companies.
Patient Square Capital
Patient Square Capital is a specialized investment firm operating within the financial services sector, with a dedicated focus on the healthcare industry. The organization was purpose-built to address the unique complexities and capital requirements of healthcare businesses.
What's next for Eargo?
The substantial enterprise-level funding and recent strategic investment signal a pivotal phase for Eargo, likely focused on scaling operations, expanding market reach, and further developing its innovative hearing aid technology. The company's mission to democratize hearing care suggests a strategic emphasis on increasing accessibility and affordability. Future initiatives may include broader product line introductions, enhanced digital health integration, and strategic partnerships to penetrate new markets. The company's trajectory indicates a strong commitment to innovation and customer-centric solutions within the rapidly evolving audiology and medical device sectors.
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