Ōura Health Oy, the Finnish maker of the Oura ring fitness tracker, is raising $875 million in Series E funding, according to Bloomberg. This would increase the company’s value to about $10.9 billion, according to “people familiar with the matter,” and thereby more than double its valuation of $5 billion from November’s Series D round.
Ōura announced in September that it had sold 5.5 million rings since the product’s launch, in 2015. More than half of the sales came in the past year. The company reported that annual revenues had more than doubled in 2024, to $500 million, and expects them to double again, to $1 billion, in 2025.
In addition, Ōura has established a revolving credit facility of $250 million with JPMorgan Chase, Goldman Sachs, Bank of America, Barclays, Citi and Wells Fargo. It will be using these funds to “support [its] working capital needs and growth initiatives.” The company says that in 2024 it became the fastest-growing brand on Amazon in the US.
The ring is available in more than 150 countries and at 4,000 stores in 20 countries. In the US it is considered a “qualified medical expense” and may therefore be purchased with funds from a Health Savings Account (HSA) or Flexible Spending Account (FSA).
Ōura has also secured a deal with American Express, which offers an $200 in statement credits each year to holders of the Platinum Card who make their purchase through Ouraring.com.
