Hearing aid dev Eargo raises $45m in Series C

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Hearing device developer Eargo said yesterday it closed the 1st tranche in a $45 million in a Series C investment round.

Funding in the round was led by Nan Fung Life Sciences and joined by New Enterprise Associates, Charles and Helen Schwab and Maveron, with funds slated to support continued development, marketing and branding efforts the Mountain View, Calif.-based company said.

“We believe Eargo will play a key role as an innovator in the global hearing technology space. Nan Fung Life Sciences is excited to be a part of Eargo’s mission of making hearing easy,” Nan Fung Life Sciences MD Peter Bisgaard said in a press release.

“We’re impressed by the traction and progress that Eargo has achieved thus far, and are excited to be a part of building this revolutionary company. By employing innovative technology, a customer-first mindset, and a fresh approach to marketing, Eargo is transforming the consumer health tech industry,” NEA general partner Dr. Josh Makower said in a prepared statement.

“We welcome Nan Fung Life Sciences to our team of strong investors and thank our current investors for their continued support. We believe people shouldn’t feel that they need a hearing aid.  They should feel that they want one.  Eargo was created with this in mind and we’re just getting started,” Eargo CEO Christian Gormsen said in a press release.

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