Oura ring maker in Series E funding round valuing it at USD10.9b: Bloomberg
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The news: Oura Health Oy, the Finish maker of the Oura health and fitness ring, is raising USD875 million (1.33 billion) in a new Series E financing round valuing it around USD10.9 billion, Bloomberg reported citing unnamed sources.
The round is expected to close by the end of the month and could still exceed USD900 million, according to the report.
The company plans to use the funds to scale production, invest in development and expand internationally, the sources told Bloomberg.
What they said: In an interview, Oura CEO Tom Hale said Oura had been growing “like a rocket ship,” adding that he has “never had a stronger quarter” in his 130 quarters working in business. He did not comment on the company’s fundraising process.
The numbers: Hale said the company has now sold 5.5 million rings in total, up from 2.5 million through June 2024. He said Oura is on track to generate more than USD1 billion in revenue in 2025, doubling the USD500 million it posted in 2024.
And it expects sales to exceed USD1.5 billion in 2026.
About 20% of its revenue now comes from subscriptions, Hale said. The US military is Oura’s largest business customer, with tens of thousands of service members using the rings, though revenue from that arrangement is a relatively small contributor to overall sales, Hale added.
Separately, Oura has secured a USD250 million revolving credit line with a consortium of banks including JPMorgan Chase, Goldman Sachs, Citigroup and Barclays.
The source: Bloomberg
