Finnish health tech company Oura has raised $900 million in fresh funding led by Fidelity Management & Research Company, with participation from new investor ICONIQ and contributions from Whale Rock and Atreides.
The company said today that this funding will value it at “approximately $11 billion,” more than double the valuation it received for its last round in December. Bloomberg previously reported that Oura was closing new funding at $11 billion valuation.
“This new funding is a testament to the strength of Oura business and the trust millions of members place in us every day. We’re proud to be building not just a product, but a global movement toward proactive health—helping people understand their bodies, make better lifestyle decisions, and connect more effectively with their healthcare providers,” CEO Tom Hale said in a statement.
The company told TechCrunch that it plans to use the new funding for AI and production innovation, introducing new health features, and improving its global distribution.
Oura has sold over 5.5 million smart rings since launch. The past year has been particularly fruitful for the company, providing more than half of those sales. The smart ring maker more than doubled its revenue in 2024, raking in $500 million. The company expects the trend to continue this year, with sales likely to cross $1 billion. According to a report from IDC published last year, Oura holds more than 80% of the smart ring market.
The company is also luring in customers of different demographics. Earlier this week, at the Elevate conference in Toronto, Oura’s chief commercial officer, Dorothy Kilroy, said that women in their early twenties are becoming a core market for the company.
Oura launched its latest device, Oura ring 4, last October. Earlier this month, the company launched ceramic versions of the ring along with a new optional charging dock.
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Beyond health tracking hardware, the company is venturing into health tests. This month, Oura launched a new feature called Health Panels in the app that lets users book a blood test for $99 at one of 2,000 Quest Diagnostics labs across the U.S. While Oura doesn’t provide medical advice, users will be able to see the report in the app and chat with its AI bot about general suggestions.
The new blood testing feature also pits Oura against startups like Whoop, which launched a similar feature this month, as well as ring makers like Ultrahuman and Samsung,
