Oura Health, the Finnish startup behind the popular Oura Ring health tracker, has raised $875 million in a late-stage Series E funding round, valuing the company at around $11 billion. This funding nearly doubles the company’s valuation from its $5 billion valuation less than a year ago.
Alongside this equity raise, Oura secured a $250 million revolving credit facility from JPMorgan Chase and Goldman Sachs to scale operations without diluting ownership. The latest funding will accelerate product innovation, manufacturing scale-up, and global retail growth as Oura aims to cement its position at the forefront of personalised medicine.
From Kickstarter roots to smart ring market leader
Founded in 2013 by Petteri Lahtela, Kari Kivelä, and Markku Koskela, Oura began as a Kickstarter project dedicated to transforming biometric data into actionable health insights through a sleek ring worn on the finger.
Since then, the company has sold more than 5.5 million rings worldwide, more than doubling sales since mid-2024. Revenue is expected to top $1 billion in 2025, a substantial jump from $500 million the previous year, with projections targeting over $1.5 billion by 2026.
Oura’s growth is driven by a hybrid business model blending hardware sales with a subscription service. About 20% of revenue now comes from the $6-per-month Oura Membership, providing personalised health insights and in-app guidance.
The company has also doubled its paying subscriber count to approximately 2 million in the last year, establishing a steady recurring revenue stream complementing hardware sales.
Product, partnerships, and market dynamics
The newest Oura Ring 4 weighs between 3.3 and 5.2 grams and includes sensors that monitor heart rate, heart rate variability, blood oxygen levels, skin temperature, and movement. Paired with the subscription app, it delivers daily Readiness, Sleep, and Activity scores to help users optimise their wellness routines. Battery life lasts up to eight days on a single charge.
Oura’s retail presence covers more than 4,000 stores across 20 countries, with recent entries into markets such as Japan and Germany. Female consumers and purchasers using health savings accounts have been significant growth drivers. And a strategic partnership with continuous glucose monitoring firm Dexcom aims to bring non-invasive blood sugar tracking to Oura’s wearable platform.
The smart ring market is increasingly competitive, with Apple and Samsung entering the space alongside startups like Amazfit and Ultrahuman. But Oura relies on precise biometric data, a robust wellness community, and strategic acquisitions, including Sparta Science and Veri, to sustain its market leadership.
