Oura Health Oy, the Finnish pioneer behind the Oura Ring—a sleek wearable tracking sleep, heart rate, and menstrual cycles—has secured a massive $875 million Series E funding round that catapults its valuation to approximately $11 billion. According to reports from Bloomberg and TechCrunch on September 22, 2025, this raise more than doubles the company’s $5 billion valuation from its Series D round in November 2024, when it raised $200 million. For health tech investors, wearable enthusiasts, and market analysts searching Oura Series E funding, smart ring valuation 2025, or Oura revenue growth, this infusion arrives as Oura sells rings at a record pace—over 2.5 million units since June 2024, pushing annual revenue toward $1 billion this year. The funds will accelerate global scaling, retail partnerships, and R&D amid fierce competition from Apple, Samsung, and startups like Ultrahuman.
Founded in 2013 as a Kickstarter project, Oura has sold more than 5.5 million rings worldwide since 2015, with sales doubling since mid-2024. This raise positions it as a leader in the burgeoning smart ring market, blending hardware with a subscription model that generates ~20% of revenue. Let’s break down the round, growth trajectory, and strategic moves.
The Series E Details: $875M for Aggressive Expansion
The funding, expected to close by month’s end, will support Oura’s push into new markets and product enhancements, including AI-driven health coaching and integrations with tools like Dexcom CGMs and Maven Clinic. While investor details remain under wraps, the round’s scale reflects confidence in Oura’s hybrid model: one-time ring sales (~$300-500 per unit) plus $5.99/month subscriptions for premium insights.
Key highlights:
- Valuation Jump: From $5.2 billion in December 2024 to ~$10.9-11 billion now—a 110%+ increase in under a year.
- Revenue Projections: $1 billion in 2025 (up from $500 million in 2024), with forecasts hitting $1.5 billion by 2026.
- Sales Momentum: 2.5 million rings sold in the past 15 months—11 years’ worth in one year—driving 100% YoY growth.
Oura also announced a $250 million revolving credit facility with JPMorgan Chase, Goldman Sachs, Bank of America, Barclays, Citi, and Wells Fargo to cover working capital and initiatives.
| Round | Amount Raised | Valuation | Date | Key Investors (Prior) |
|---|---|---|---|---|
| Series C | $100M | $2.55B | 2021 | The Chernin Group, Enea |
| Series D | $200M | $5.2B | Nov 2024 | Fidelity, Temasek, Andreessen Horowitz |
| Series E | $875M | $11B | Sep 2025 (Expected Close) | TBD (Bloomberg Sources) |
Growth Drivers: Software Upgrades and Enterprise Wins
Oura’s surge stems from a refined strategy: Hardware as the hook, software as the moat. The Gen 4 ring (launched 2024) integrates advanced biometrics, while software updates—like AI coaches and clinician tools—cater to 11% of users in healthcare.
- Subscription Strength: ~20% revenue from premiums, with retention high due to insights on HRV, sleep, and fertility.
- Enterprise Expansion: A new Texas facility supports a US Department of Defense contract, plus acquisitions like Sparta Science and Veri for performance tracking.
- Market Leadership: Oura “single-handedly created” the smart ring category, per Wired, holding strong against entrants like Samsung’s Galaxy Ring.
CEO Tom Hale envisions a “cloud of wearables” feeding a Personal Health OS, with rings accounting for a growing slice of the $50 billion wearables market (IDC data).
Competitive Landscape: Ring Wars Heat Up
The $11 billion valuation arrives amid intensifying rivalry:
- Tech Giants: Apple’s rumored ring and Samsung’s Galaxy Ring challenge Oura’s precision edge.
- Startups: Ultrahuman and RingConn face Oura’s ITC patent wins, bolstering US dominance.
- Broader Wearables: Rings remain niche (small share vs. smartwatches), but Oura’s 100% YoY growth outpaces the 10% market average.
Oura’s DoD ties and clinician adoption provide a defensive moat, with Hale downplaying government data-sharing rumors (e.g., with Palantir).
Challenges: Scaling Hardware and Subscriptions
Sustaining 100% growth requires navigating:
- Supply Chain: Texas facility mitigates tariffs but ramps production for $1.5B 2026 targets.
- Data Privacy: Amid scrutiny, Oura assures no government data access.
- Valuation Risks: $11B implies unicorn-plus pressure; competition could erode margins.
Conclusion: Oura’s Golden Ring Moment
Oura’s $875 million raise at $11 billion valuation isn’t just funding—it’s validation of a category creator hitting escape velocity, with $1 billion revenue on the horizon. From Kickstarter to DoD darling, the smart ring’s ascent promises a wearable revolution. For those tracking health tech investments 2025 or Oura vs Samsung, this round sets the stage for global dominance. Tech Crunch
