Eargo, Inc.
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Eargo, Inc. - overview
Established
2010
Location
San Jose, CA, US
Primary Industry
Medical Devices & Equipment
About
Eargo, Inc. is a US-based company that specializes in the development and distribution of innovative hearing aids tailored for individuals experiencing mild to moderate high-frequency hearing loss. Founded in 2010 in San Jose, California, Eargo, Inc. is focused on creating discreet hearing solutions.
The company has undergone a significant transition, moving from private funding to a PUBLIC TO PRIVATE, SECONDARY BUYOUT funding round, raising USD 13. 00 mn. Eargo has secured a total of USD 13. 00 mn in funding to date, with Patient Square Capital as the latest investor.
The founders, Boris Magaš and Florent Michel, have laid a strong foundation for the company's operations, which are headquartered in the US. Eargo specializes in advanced hearing aids, offering a unique portfolio that includes products designed for individuals with mild to moderate high-frequency hearing loss. Their devices, such as Eargo 6, Eargo 7, Eargo SE, and LINK by Eargo, are characterized by their virtually invisible design, rechargeable functionality, and superior sound quality, achieved through their completely-in-the-canal placement. These hearing aids automatically adjust to various environments, enhancing clarity during conversations and in noisy settings.
Eargo targets U. S. consumers seeking discreet and user-friendly hearing solutions, supported by hearing aid professionals. In the most recent fiscal year 2022, Eargo reported a revenue of USD 37.
25 mn with an EBITDA of USD -106. 30 mn. The company's revenue model centers on direct-to-consumer sales through their website, facilitating a seamless purchasing experience with a 45-day return policy and lifetime support for customers, including professional consultations post-purchase. Eargo, Inc.
plans to leverage recent funding to advance product development and market expansion. The company aims to introduce new hearing aid models tailored to diverse consumer needs, with potential releases targeted for late 2023. Additionally, Eargo is exploring opportunities to enter new geographic regions, particularly in Europe and Asia, by 2024. The funding raised through the recent IPO will support these growth initiatives, facilitating a robust expansion strategy.
Current Investors
LXE Hearing, New Enterprise Associates, Maveron
Primary Industry
Medical Devices & Equipment
Sub Industries
Therapeutic Devices
Website
www.eargo.com
Verticals
E-commerce, Wearables & Quantified Self
Company Stage
Merged
Total Amount Raised
Subscriber access only
Eargo, Inc. - timeline of key events
Eargo, Inc. - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Merger | Completed | Eargo, Inc., hearX Group (Pty) Ltd. | - |
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Eargo, Inc. - employee data
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