Medical device startup Eargo raised $71 million in a new round of funding, the company announced Wednesday.
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Eargo makes direct-to-consumer hearing aids, allowing customers to access help for their hearing loss from their homes. The company also offers online hearing screenings and virtual support, so customers don’t need to have an in-person visit.
New investors Glide Healthcare and Longitude Capital co-led the round, which included participation from existing investors the Charles and Helen Schwab Foundation, New Enterprise Associates, and Nan Fung Life Sciences. Glide Healthcare’s Geoff Pardo and Longitude Capital’s Juliet Tammenoms Bakker will be joining Eargo’s board of directors, according to a statement from the company.
The Series E round will help Eargo “expand commercialization during a period of accelerated consumer demand for its direct-to-consumer hearing loss solution,” according to a statement from the company.
“While our business was performing well before COVID-19, the pandemic accelerated consumer demand for our hearing loss solution,” CEO Christian Gormsen said in a statement. “More consumers who are reluctant to purchase their hearing aids through the traditional brick and mortar clinics have recognized the benefits of our solution.”
Illustration: Li-Anne Dias