Oura, The Ring Maker Hits $11 Billion Valuation with Explosive Growth

Finnish wearable tech giant ŌURA doubles revenue, sells 5.5 million rings, and secures $875M in funding to redefine health tracking.

Success in Wearable Tech

ŌURA Health Oy is the Finnish innovator behind the Oura Ring. Today, it reached an impressive $11 billion valuation calculated from the details of its latest $875 million Series E funding round. This effectively doubles the $5 billion valuation from November 2024. The financing round, expected to close by September 2025, may exceed $900 million, fueling production scaling, R&D, and global expansion.

Since its founding in 2013, ŌURA has sold 5.5 million rings, with 3 million sold in the past year alone, driving $500 million in 2024 revenue—more than double the prior year. The company projects $1 billion in 2025 sales and $1.5 billion by 2026, propelled by demand for its sleek, health-focused smart ring.

Why the Oura Ring Dominates

Oura Ring is a lightweight wearable with over fifty metrics that track sleep, activity, stress, and women’s health. A key differentiator is its validation against medical standards. As CEO, Tom Hale noted, another appeal lies in its fashion and accuracy. Unlike bulkier smartwatches and less stylish and less well-made smart rings, Oura is ideal for 24/7 wear, especially for sleep and exercise tracking.

A surprisingly high 20% of the company’s revenue is from subscriptions, and recent growth drivers include:

• Female shoppers, with new features for pregnancy and menopause.
• Retail expansion to 4,000 stores across 20 countries, including Japan and Germany.
• HSA/FSA eligibility in the U.S. boosts accessibility.
• Partnerships like American Express offer up to $200 in credits for U.S. Platinum Card members.

Strategic Moves and Big Backers

ŌURA secured a $250 million revolving credit facility from major banks like JPMorgan Chase, Goldman Sachs, and Citigroup, supporting its working capital and growth. The company also won a U.S. ITC patent case against competitors Ultrahuman and RingConn, banning their infringing smart rings from the U.S. market, and came to a licensing agreement with French startup Circular.

The U.S. Department of Defence, ŌURA’s largest enterprise client, uses rings for fatigue tracking among service members. A new manufacturing facility in Texas will support its defence business growth, while other partnerships with Dexcom (blood sugar integration) and Maven Clinic boost the company’s broader ambitions for growth in the healthcare sector.

Innovation and Future Plans

Oura Ring 4 launched in October 2024, less than a year ago. It was a modest improvement from its predecessor, and advanced features like pregnancy insights and metabolic health tracking were introduced.

ŌURA employs over 30 MDs and PhDs, driving research and integrations with healthcare providers. Recognised on the 2025 CNBC Disruptor List and TIME 100 Most Influential Companies, ŌURA continues to lead the smart ring market despite competition from Samsung’s Galaxy Ring and startups like Amazfit.

While CEO Tom Hale considers new form factors, the ring remains central to future growth. When pushed about a potential IPO, he cited examples of Stripe and SpaceX and said, “There are real advantages to staying private,” but he certainly didn’t rule out that option.

Why It Matters

With 51% of Oura Members managing chronic conditions, the ring empowers users with actionable health insights, bridging gaps in preventative care. Available in 150+ countries and backed by 1,000 ecosystem partners, ŌURA is redefining wearable tech for a healthier future.

Reflections and What’s Next

I first encountered ŌURA at a modest booth at London’s ExCeL Centre trade show nearly a decade ago. Its chunky first-generation ring hinted at considerable potential.

Years later, with a sleeker design and precise health metrics, ŌURA has exceeded expectations, selling 5.5 million rings and doubling revenue to $500 million in 2024. This success likely surpasses the founders’ wildest dreams, yet the journey is far from over. ŌURA can expand into new markets, deepen B2B and government partnerships (like its U.S. DoD deal), and explore innovative form factors to capture diverse users. Its new Texas manufacturing hub signals a strategic push for U.S. production.

An IPO? While investors may push for one to cash out, ŌURA’s $875 million raise and $250 million credit line suggest it can fuel growth privately. A bold new device could spark another sales surge, keeping ŌURA private and dominant in wearable tech.

Sources

• Oura Press Release via Business Wire
• Oura website