Oura has sold 3 million rings in the past year|Jyri Engestrom|CC BY 2.0
Oura Health Oy, maker of the popular Oura fitness ring, is nearing an $11 billion valuation as it raises $875 million in a Series E round, doubling its $5 billion valuation from last year.
The Finnish company has sold 3 million rings in the past year and 5.5 million in total.
It expects the new funding to support production, product development, and global expansion.
Oura also secured a $250 million credit line from banks, including JPMorgan and Goldman Sachs.
CEO Tom Hale said Oura is growing “like a rocket ship” and expects revenue to top $1 billion in 2025, doubling 2024’s $500 million, with sales forecast to exceed $1.5 billion in 2026.
Female buyers, retail sales, and international launches, including in Japan and Germany, are fueling growth.
The US military remains its largest business customer, using the rings to monitor fatigue.
Oura, which now sells in 4,000 stores, also earns 20% of its revenue from subscriptions, strengthening its position in the fast-growing smart ring market.