Oura Raises $100M: Fitness Ring Maker Secures Funding

Oura's Recent Growth and Funding

The past two years have been remarkably dynamic for Oura. Specifically, the previous year significantly propelled the growth of this wearable fitness technology manufacturer.

The onset of the pandemic in 2020, which caused the suspension of many professional sporting events, led to the adoption of the Oura ring by several major sports organizations. These include the NBA, WNBA, UFC, and NASCAR.

Advancements in Health Research

Oura has also been actively involved in health research, collaborating with UCSF. This partnership has resulted in the publication of peer-reviewed studies focusing on the accuracy of the ring’s temperature monitoring capabilities.

This particular feature has proven especially valuable to the sports leagues mentioned earlier, as temperature increases can potentially indicate underlying health concerns, including the initial phases of COVID-19.

Series C Funding Announcement

Today, Oura is announcing a $100 million Series C funding round. This investment, spearheaded by The Chernin Group and Elysian Park (the investment division of the Los Angeles Dodgers), increases the company’s total funding to $148.3 million.

Joining the round as new investors are Temasek, JAZZ Venture Partners, and Eisai. They are alongside existing investors such as Forerunner Ventures, Square, MSD Capital, Marc Benioff, Lifeline Ventures, Metaplanet Holdings, and Next Ventures.

Distinction in the Wearable Market

Initially, Oura differentiated itself through its unique ring-based form factor, contrasting with the predominantly wrist-worn devices in the market.

However, it has demonstrably established itself as a leader in the field over the last few years. To date, the company has sold over 500,000 rings.

Focus on Sleep and Overall Health

“The wearables sector is evolving from simple activity tracking to comprehensive health platforms designed to enhance well-being,” stated CEO Harpreet Singh Rai in a press release.

“Oura prioritized sleep analysis due to its daily nature and the established link between insufficient sleep and various health issues, including diabetes, heart disease, Alzheimer’s, cancer, and mental health challenges.”

Allocation of Funds and Key Hires

The company intends to allocate the new funding towards research and development, encompassing both hardware and software improvements, as well as expanding its team through strategic hiring.

This includes bolstering marketing efforts and enhancing customer support. The funding also supports the appointment of key personnel, including Shyamal Patel as Head of Science, Tommi Heinonen as site leader, and Daniel Welch, promoted to CFO.

Industry Recognition and Future Outlook

“This year has highlighted deficiencies within the healthcare system and the growing need for individuals to proactively manage their own health,” commented Eurie Kim, Managing Director at Forerunner.

“Oura is emerging as a trusted leader and community in this space, empowering users with personalized data and actionable insights for health improvement.”

Oura is positioned to continue its growth trajectory as a key player in the evolving health and wellness technology landscape.