Eargo Continues Momentous Growth With New CFO, CMO, and VP of Software Engineering

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Following a $52 Million Series D round and its third product release, the award-winning health tech company brings on talent from Tesla, Visa, and Apple

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Eargo the direct-to-consumer health tech company destigmatizing hearing loss through consumer-driven innovation, today continues its rapid expansion with the addition of three new executive hires: CFO Adam Laponis (from Tesla, Inc.), CMO Shiv Singh (from Visa, Inc., PepsiCo, Inc.), and VP of Software Engineering, Fernando Cruz (from Rappi, Inc., Apple, Inc.).

The new hires come on the heels of Eargo’s $52 million Series D funding round announced in March, which included participation from existing investors New Enterprise Associates (NEA), the Charles and Helen Schwab Foundation, Nan Fung Life Sciences, Maveron and new investor Future Fund, Australia’s sovereign wealth fund. Today’s news is another momentous milestone in less than a year of demonstrated growth for Eargo following the release of its third product, Eargo Neo, at CES, as well as the opening of a new Nashville office. The company plans to add more than 100 new positions throughout 2019.

CFO Adam Laponis joins Eargo from Tesla, Inc., where he served as VP, WW FP&A and Business Operations. At Tesla, Laponis developed and executed on pricing strategies, overhauled the order-to-delivery process for the Model 3, and implemented campaigns that increased in-store revenues. Laponis was also previously VP Finance, CFO Cardiovascular Care at Cardinal Health, and Senior Director of Finance at Johnson & Johnson.

CMO Shiv Singh joins Eargo from Visa, Inc., where he served as SVP Global Head of Innovation, Go-to-Market, as well as Visa’s SVP Global Head of Digital & Marketing Transformation. At Visa, Singh designed, built, and launched an all-new Visa.com across 140 countries that saw increased traffic and conversions, as well as activating sponsorships with the Olympics and the NFL. He also led the launch of Visa’s global brand platform,increased Visa’s brand innovation reputation and NPS scores via programs like Visa’s Everywhere Initiative, and more. Singh was also previously PepsiCo Inc.’s Global Head of Digital, where he oversaw the beverage company’s global digital media and marketing campaigns.

VP of Software Engineering Fernando Cruz joins Eargo from Rappi, Inc., a late-stage Latin American on-demand delivery startup, where he served as CTO. Prior to Rappi, Cruz was Director of Apple Online Store Engineering at Apple, Inc., where he led the development and transformation of Apple’s e-commerce and m-commerce solutions, redesigned the Apple Online Store’s backend system, and launched consumer-focused features that fostered an improved online-buying / in-store pick-up experience. Cruz also previously served as Senior Director of Global E-commerce Development for Office Depot.

“Eargo has already experienced tremendous growth in 2019, but as we look ahead, we wanted to strategically bolster our leadership team to attain the many milestone goals we have set in place for ourselves,” said Christian Gormsen, CEO of Eargo. “Adam, Shiv, and Fernando each bring years of invaluable skills and experience from their respective fields, and they’ll each be critical to Eargo’s growth and success moving forward.”

“Attracting high-caliber business talent is always critical for startups to optimize their growth, and Eargo’s suite of executive hires are a testament to the opportunity it has in the hearing aid space,” said Mark Vena, Senior Analyst, Moor Insights & Strategy.

Nearly 500 million people globally suffer from hearing loss, yet the average person waits seven years before seeking help due to the costs, stigmas, and misconceptions associated with hearing aids. Eargo’s line of nearly-invisible hearing aids fit discreetly inside the ear (removing social anxieties), are sold online and ship directly to consumers, and cost a fraction of traditional, behind-the-ear hearing aids.

Eargo is best known for the Eargo Max, the award-winning rechargeable hearing aid that was named one of TIME Magazine’s Best Inventions of 2018. Eargo’s patented Flexi Fibers, made from soft, medical-grade silicone, allow for a more open, natural sound experience, amplifying sounds within the customer’s line of sight and reduces surrounding noises, enabling people to once again experience life in rich sound, and live a fuller life.

The company’s latest product, Eargo Neo, represents a crowning achievement in sound technology, a new degree of ultra-comfort, and introduces connectivity to Eargo’s product lineup with devices that can be customized remotely to provide more personalized hearing profiles for consumers.

To learn more about Eargo, please visit https://eargo.com/.

About Eargo
Eargo is a direct-to-consumer hearing aid brand that engineers, manufactures, markets and supports its own revolutionary and virtually invisible devices. The company’s aim is to bring hearing to the masses by creating the first modern brand for baby boomers who value wellness and desire to live an active lifestyle rooted in meaningful experiences. The company’s mission is to destigmatize hearing loss by providing an enhanced auditory experience for millions of people across America. Eargo brings a new form factor, business model, and refreshing brand to an archaic industry overrun by inflated prices, needless intermediaries, and complex purchasing barriers. For the first time ever, there’s a brand dedicated to boomers that provides underserved consumers with great technology, a modern buying experience, and a clear understanding of hearing health.

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Max Lifton
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