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Eargo

Age Tech
Segments:
Independent Living
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Product stage:
Growth
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Eargo specialises in developing hearing aid and related services. Eargo has four products in its lineup: namely, Eargo Max, Eargo Neo HiFi, Eargo 5 and Eargo 6. The company’s products are unique due to its design meant to keep the device invisible when plugged in.  

The products are priced between USD 1,850 (Eargo Max) and USD 2,950 (Eargo 6) and as per the company, are around half of the price of the hearing aids  provided via traditional channels in the US. The Eargo Neo range comes alongside an app and offers connected smart features such as audio personalization and control. The app allows the user to control the audio to suit their surroundings, customize settings, and contact Eargo's licensed hearing professionals for consultation and support.

The company utilizes a business-to-consumer (D2C) online retail strategy compared to traditional business-to-business (B2B) model deployed by other manufacturers who sell their products through clinics. The strategy has proven beneficial through the Covid-19 pandemic as consumer footfall for brick-and-mortar clinics have declined.  

Funding and financials

The company last raised funds in November 2022 when Patient Square Capital became the majority owner of Eargo through a conversion of its convertible notes. The gross proceeds from the transaction raised USD 32.5 million for Eargo, including an investment of USD 5.5 million by Patient Square Capital and an expense of USD 2.5 million in transaction-related expenses. The raised funds were set aside for working capital purposes and to fund Eargo's omni-channel growth strategy.

Key stats
Featured companies
207
Total funding (USD)
11.7 Bn
Total addressable market (USD)
64.9 Bn
Key competitors
 
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Product Overview
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Company profile
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EDGE Insights

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Recent Updates

Earnings/results
Aug 12, 2021
Eargo releases Q2 2021 earnings
Age Tech

Company Brief


HQ location:
1600 Technology Drive Sixth Floor San Jose CA USA
Founded year:
2010
Employees:
101-250
Total Funding:
USD 371.5 million
Last Funding
USD 29.3 million, Nov 2022

Funding


Investors


No investor data is available

Funding data are powered by Crunchbase
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