Eargo Raises $25M in Series B Funding From NEA
As we often say here: “we’re on a mission to help people hear life to the fullest.” And we’re excited to announce that our little mission just got a BIG boost. A $25,000,000 boost to be exact, as part of our Series B funding. The round of investment was led by none other than New Enterprise Associates (NEA), one of the largest venture capital firms with tremendous expertise in both technology & healthcare. When an investor as capable as NEA joins your team, it really validates the work you’re doing.
For NEA General Partner Josh Makower, MD, the reasons were plain:
Eargo is one of the most innovative and fastest-growing consumer medical device manufacturers in Silicon Valley, and its groundbreaking technology is changing the way people think about hearing loss.
To which we replied with a most sincere and hearty thank you. Or perhaps better said by our co-founder and CEO, Raphael Michel:
“Since the launch of our new hearing device earlier this year, we have seen an incredible level of consumer demand and ultimately have been experiencing tremendous growth as a company. We are excited about the expertise that NEA brings to the table as our new investment partner, and together we are strongly positioned to bring innovation in hearing health to the millions who may need a boost but who have remained on the sidelines until now due to cost or stigma.”
This new funding is in addition to our $10M Series A, announced back in June 2015. NEA joins our roster of investors, including Maveron, Dolby Family Ventures, Crosslink Capital, Birchmere Ventures, Montage Ventures, Peterson Ventures, and Red Sea Ventures. Yes, we’re particularly bullish on investors with the word “Ventures” in their name. That aside, we’re honored to be supported by such top-tier investors. We have an enviable amount of world-class expertise available to us now, on speed-dial.
A wise man once said: “with great power comes great responsibility”. We think the same can be said for more funding. We’re committed to growing our business operations and to increase our production capacity. We’re just getting started. From making Eargo available in more places and locations to growing our after-sales patient support capabilities and the network of licensed hearing professionals. If there’s one lesson we’ve learned, it’s that when you have a product that’s unique, and a service model that’s also unique, there’s bound to be some amazing and unique challenges for you to tackle as you grow your business. And while we look forward to each and every one of them, we are ever more poised to help people hear life to the fullest.