Finnish health tech company Oura has raised $900 million in new funding led by Fidelity Management & Research Company, with participation from new investors ICONIQ and contributions from Whale Rock and Atreides.
The company announced today that the latest funding values the company at “approximately $11 billion,” more than double the valuation it received in its previous round in December. Bloomberg previously reported that Oura had closed on new funding at a valuation of $11 billion.
“This new funding is a testament to the strength of Oura’s business and the trust our millions of members place in us every day. We’re proud not only of our products, but of building a global movement for proactive health that helps people understand their bodies, make better lifestyle decisions and connect more effectively with their health care providers,” CEO Tom Hale said in a statement.
The company told TechCrunch that it plans to use the new funding for AI and production innovations, introducing new health features and improving its global footprint.
Oura has sold over 5.5 million smart rings since its launch. The past year has been particularly fruitful for the company, accounting for more than half of its sales. The smart ring maker more than doubled its revenue in 2024 to $500 million. The company expects this trend to continue this year, with sales exceeding $1 billion. According to an IDC report published last year, Oura commands more than 80% of the smart ring market.
The company also attracts customers from different demographics. At the Elevate conference in Toronto earlier this week, Oura chief commercial officer Dorothy Kilroy said women in their early 20s are becoming the company’s core market.
Oura launched its latest device, the Oura Ring 4, last October. Earlier this month, the company launched a ceramic version of the Ring, as well as a new optional charging dock.
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Beyond health tracking hardware, the company is also venturing into health testing. This month, Oura introduced a new feature within the app called the “Health Panel.” It allows users to schedule a blood test at one of 2,000 Quest Diagnostics labs nationwide for $99. Oura does not provide medical advice, but users will be able to view reports within the app and chat with an AI bot for general suggestions.
The new blood testing feature puts Oura up against startups like Whoop, which launched a similar feature this month, and ring makers like Ultrahuman and Samsung.
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