Oura Health Oy, the maker of the popular Oura Ring, has secured $875 million in a Series E financing round from private investors. This latest funding values the Finnish company at approximately $10.9 billion, doubling its previous $5 billion valuation from November.
The company plans to use these funds to scale production, invest in development, and expand its international presence.
Oura Health has sold 5.5 million rings in total, with about 3 million sold in the past year alone. Furthermore, the company anticipates exceeding $1 billion in revenue for 2025, following $500 million in 2024. Growth drivers include increased sales to female shoppers, retail store purchases, and international expansion into markets like Japan and Germany.
The US military remains Oura's largest business customer, utilizing the rings for fatigue tracking and research. Oura Health generates about 20% of its revenue from subscriptions. The company launched its Oura Ring 4 last October and plans annual hardware updates. It also partnered with Dexcom to integrate blood sugar data into the Oura app, enhancing its health and fitness offerings.
Oura dominates the smart ring technology sector within the broader wearables market. However, competition is increasing with products like the Samsung Galaxy Ring and offerings from Amazfit and Ultrahuman. Apple has also explored similar ring-style devices.
The company also secured a separate $250 million revolving credit line from a consortium of banks including Bank of America and JPMorgan Chase.
