How Much Did Eargo Raise?
Funding & Key Investors

Eargo, a pioneer in the direct-to-consumer medical device sector, has successfully navigated multiple stages of capital infusion to solidify its market position. With a cumulative total of $506.4M raised since its inception, the company has demonstrated a consistent ability to attract high-profile institutional backing. Most recently, the firm secured a major strategic investment of $125M, a move that underscores investor confidence in its proprietary hearing technology and its broader mission to democratize access to high-quality hearing care solutions.

The company's growth trajectory, marked by a series of strategic financing rounds, reflects its evolution from an early-stage innovator to a significant player in the over-the-counter hearing aid market. By leveraging these capital injections, Eargo has effectively scaled its operations, refined its product design, and expanded its reach to consumers seeking discreet, rechargeable, and comfortable hearing devices.

What is Eargo?

Eargo
ManufacturingMedical Devices & EquipmentDrug Stores & Pharmacies

Headquartered in San Jose, California, Eargo specializes in the design and manufacture of virtually invisible, completely-in-canal hearing aids. The company distinguishes itself by integrating proprietary hearing technology with a digital-first support model, allowing users to bypass traditional clinic visits through mobile applications and licensed hearing professionals. Following its merger with hearX Group to form LXE Hearing, the company has significantly broadened its footprint in the global over-the-counter hearing aid market. Eargo's business model is fundamentally built on the premise of making hearing health more accessible, affordable, and aesthetically acceptable for individuals with mild to moderate hearing loss.

How much funding has Eargo raised?

Eargo has raised a total of $506.4M across 9 funding rounds:

2015

Series A

$13M

Series B

$25M

2017

Private Equity

$32.4M

Series C

$45M

2019

Series D

$52M

2020

Multiple Rounds

$214M

2022

Private Equity

$125M

Series A (2015): $13M with participation from Maveron, Birchmere Ventures, Dolby Family Ventures, and Crosslink Capital

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, 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, Nan Fung Life Sciences, Gilde Healthcare company, Longitude Capital, 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

Established in 1977 and headquartered in Menlo Park, California, New Enterprise Associates is a venture capital firm focused on helping entrepreneurs build businesses.

Maveron

Maveron is a consumer-only venture capital firm that partners with innovative entrepreneurs to transform consumer experiences and industries, with a focus on human behavior and technological disruption.

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 and improving patient outcomes.

What's next for Eargo?

Looking ahead, the strategic focus for Eargo centers on leveraging its recent capital influx to accelerate product innovation and deepen its penetration within the competitive healthcare landscape. The integration with LXE Hearing provides a robust platform for further market expansion and operational synergy. As the regulatory environment for over-the-counter hearing devices continues to evolve, Eargo is well-positioned to capitalize on its established brand equity and technological infrastructure. Future growth will likely be driven by continued investment in R&D, enhanced consumer engagement strategies, and the scaling of its digital support ecosystem to maintain its competitive edge in the medical device industry.

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Frequently Asked Questions Regarding Eargo Financial Insights

What are the most recent funding rounds that Eargo has completed, and what were the funding rounds?
Eargo has recently completed 3 funding rounds: Private Equity on Jun 29, 2022, Stock Offering on Oct 15, 2020, Series E on Jul 29, 2020.
What is the total amount of funding Eargo has raised to date?
Eargo has raised a total of $506.4M in funding to date.
How many funding rounds has Eargo completed?
Eargo has completed 3 funding rounds.
How much funding did Eargo raise in its most recent funding round?
Eargo raised $125M in its most recent funding round.
Who are the lead investors in Eargo's latest funding round?
The lead investor in Eargo's latest funding round was Patient Square Capital. To access investor data and explore similar companies, sign up for ZoomInfo.
Which was the largest funding round in Eargo's history?
The largest funding round in Eargo's history was $141M.
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