US-based hearing aid developer Eargo closed the first tranche of a $45m series C round yesterday led by Nan Fung Life Sciences, a subsidiary of property development group Nan Fung.
The company has so far raised $32.4m, according to a securities filing, and the round’s 31 investors also include venture capital firms New Enterprise Associates (NEA) and Maveron, and individual investors Charles and Helen Schwab.
Founded in 2010, Eargo has created a rechargeable hearing aid intended to be smaller and more comfortable than others on the market. It sells its product directly to consumers through its website, rather than using third-party retailers.
Eargo raised $13m in a June 2015 series A round led by Maveron that also featured Dolby Family Ventures, Crosslink Capital and Birchmere Ventures, and added $25m in an NEA-led series B in December the same year.
The company’s website also lists Montage Ventures, Red Sea Ventures and Peterson Ventures as investors. The latest funding will be invested in marketing and branding initiatives as well as product development.
Peter Bisgaard, managing director of Nan Fung Life Sciences 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.”