Australia’s Future Fund backs $52m round for hearing aid maker Eargo

Photo: Eargo.

Australia’s sovereign wealth fund Future Fund has participated in a Series D funding round of over $52 million for California-based healthtech company Eargo, which manufactures hearing aid devices, according to an announcement.

Existing investors New Enterprise Associates, the Charles and Helen Schwab Foundation, Nan Fung Life Sciences and Maveron also participated in the round.

Eargo said it will use proceeds from the round to further accelerate product innovation, increase awareness of hearing loss and drive growth in the domestic market.

Founded in 2015, the company produces virtually invisible hearing aid devices that are rechargeable. Apart from manufacturing the devices, Eargo targets to develop the entire hearing aid industry such as on how the products are sold and supported to the customers throughout their entire journey.

“Our goal is to re-invent this industry and give the consumer better and more choices when it comes to their hearing health,” said Christian Gormsen, CEO of Eargo.

“The backing from great investors gives us the momentum to continue our growth with even more incredible products and experiences in 2019 and beyond,” said Gormsen.

Its other backers include Dolby Family Ventures, StartX, Silicon Valley venture capitalist Pierre Lamond and former Yahoo chief technology officer Farzad (Zod) Nazem.

The market for hearing aids is estimated to be worth $20 billion.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.