smart ring maker oura raises $900m from fidelity

Oura Secures $900 Million in New Funding

Oura, a Finnish health technology firm, has successfully obtained $900 million in a new funding round. This investment was spearheaded by Fidelity Management & Research Company, with additional participation from ICONIQ, Whale Rock, and Atreides.

Valuation and Growth

The company announced today that this latest funding round establishes its valuation at “approximately $11 billion.” This represents more than a doubling of the valuation achieved during its previous funding round in December. Prior reporting by Bloomberg had indicated the closing of this funding at an $11 billion valuation.

CEO Tom Hale stated that this funding demonstrates the strength of Oura’s business and the confidence its millions of members have in the company. He emphasized their commitment to fostering a global movement towards proactive health, empowering individuals to understand their bodies and make informed lifestyle choices.

Strategic Allocation of Funds

According to information shared with TechCrunch, Oura intends to utilize the new capital to drive innovation in AI and production processes. Further investment will be directed towards the introduction of new health features and the expansion of its global distribution network.

Sales and Market Position

Since its inception, Oura has sold over 5.5 million smart rings. A significant portion of these sales, exceeding half the total, occurred within the past year.

The company experienced a revenue increase of over 100% in 2024, generating $500 million in revenue. Projections indicate continued growth, with anticipated sales exceeding $1 billion this year.

Data from an IDC report released last year reveals that Oura currently commands over 80% of the smart ring market share.

Expanding Customer Base

Oura is observing a broadening of its customer demographics. Dorothy Kilroy, the company’s chief commercial officer, noted at the Elevate conference in Toronto that women in their early twenties are emerging as a key demographic for the brand.

Recent Product Launches

The latest iteration of the Oura device, the Oura Ring 4, was released last October. This month saw the introduction of ceramic versions of the ring, alongside a new optional charging dock.

Venturing into Health Testing

Oura is extending its offerings beyond wearable hardware into the realm of health testing. The company recently launched a new feature, Health Panels, within its app.

This feature allows users to schedule a blood test for $99 at one of 2,000 Quest Diagnostics’ labs across the United States. While Oura does not offer medical advice, users can access their reports within the app and engage with an AI bot for general wellness suggestions.

Competitive Landscape

The introduction of blood testing capabilities positions Oura in competition with other companies in the health-tech space. This includes startups like Whoop, which launched a similar feature this month, as well as other ring manufacturers such as Ultrahuman and Samsung.