Finnish health tech startup Oura has announced that it raised $900 million as part of a round led by Fidelity Management & Research Company, joined (for the first time) by ICONIQ and returning investors Whale Rock and Atreides.
The company added today that the funding would come at a valuation of “around $11 billion,” more than double its value when it last raised money in December. Bloomberg earlier reported that Oura was raising new funding at an $11 billion valuation.
“This new funding is a strong validation of Oura’s business and the trust millions of members have in us every single day. “We are proud to be building much more than a product, but driving a global movement focused on proactive health — enabling people to understand their bodies better, make more informed lifestyle decisions and engage more effectively with healthcare providers,” CEO Tom Hale said in a statement.
The company said it would use its most recent infusion of cash to further its reach in artificial intelligence and production innovation, introduce additional health-focused features to market, and increase its distribution around the world.
Oura has sold over 5.5 million smart rings since it launched. It has been a particularly good year for the company, which has sold more than half of those sales in the last 12 months. The publisher of smart rings doubled its 2024 revenue, making $500 million. The company said the trend is set to continue this year, with sales predicted to exceed $1 billion. More than 80 percent of the market for smart rings is controlled by Oura, according to a report from IDC released last year.
The company also sees a wide age range of customers. Women in their 20s are proving to be a key market for the company, Oura’s chief commercial officer Dorothy Kilroy said earlier this week at the Elevate conference in Toronto.
Oura unveiled its newest iteration, the Oura ring 4, in October. Just this month, the company released ceramic versions of the ring and a new optional charging dock.
And in addition to health tracking hardware, the company is getting into health tests. This month, Oura introduced a new feature within the app called Health Panels that allows users to book a blood test at one of 2,000 Quest Diagnostics labs across the United States for $99.
Although Oura can’t offer medical advice, users will be able to view the report through the app and chat with its AI bot about general recommendations.
The new blood testing feature also squarely pits Oura against upstarts like Whoop, which introduced a similar feature earlier this month, and makers of rings that track activity like Ultrahuman and Samsung.
