US-based hearing aid provider Eargo completed a $71m funding round yesterday backed by Nan Fung Life Sciences, a subsidiary of property development group Nan Fung.
Gilde Healthcare and Longitude Capital co-led the round, which also attracted New Enterprise Associates (NEA) and the Charles and Helen Schwab Foundation.
Eargo markets rechargeable hearing ais that fit entirely within the ear canal, making them essentially invisible and helping wearers overcome the stigma often associated with such devices. The company also provides an online hearing screening and telehealth service.
The money will allow Eargo to cope with increased customer demand for its hearing aids. Geoff Pardo of Gilde Healthcare and Juliet Tammenoms Bakker of Longitude Capital will join the board of directors.
Eargo secured $52m in a series D round in March 2019 from Nan Fung Life Sciences, NEA, Maveron, the Charles and Helen Schwab Foundation and the Australian state-owned Future Fund.
Nan Fung Life Sciences previously led a $32.4m first series C tranche in 2017, with participation from NEA, Maveron and Charles and Helen Schwab. The round closed at $54.5m in early 2018, according to a regulatory filing.
NEA led a $25m series B round in December 2015, seven months after Eargo raised $13m in a Maveron-led series A round that also featured Dolby Family Ventures, Crosslink Capital and Birchmere Ventures.
Eargo’s shareholders also include Montage Ventures, Red Sea Ventures and Peterson Ventures, though it is unclear when they invested.
– Image courtesy of Eargo
