Oura Health, the Finnish company behind the popular Oura Ring, is raising nearly $875 million in a funding round that values the company at approximately $11 billion, nearly doubling its valuation from December 2024.

The new funding, expected to close by the end of September 2025 and potentially exceeding $900 million, will be used to scale production, accelerate development, and expand internationally, including launches in Japan and Germany.

Oura projects reaching $1 billion in sales for 2025, following over $500 million in revenue in 2024, which more than doubled the previous year's figures.

The company's rapid growth is reflected in its expanding retail presence in over 4,000 stores across 20 countries, with a significant increase in sales among female consumers and health savings account users.

CEO Tom Hale describes the company's growth as 'like a rocket ship,' noting that the current quarter is its strongest in his 130 quarters of business experience.

While considering options for an IPO, Oura's CEO prefers remaining private, citing the advantages seen by successful companies like SpaceX and Stripe.

Oura's largest business customer is the US military, which uses the rings for fatigue tracking and research, though military sales constitute a small part of overall revenue.

Approximately 20% of Oura's revenue now comes from subscriptions, with the subscription service costing $6 per month and helping to double the company's paying subscriber base to around 2 million in the past year.

Despite increasing competition from giants like Samsung, Apple, and startups such as Amazfit and Velia, Oura remains a dominant player in the fitness ring market due to its highly accurate sensors, health metrics, and strategic partnerships, including with Dexcom for non-invasive blood sugar tracking.

Oura maintains its competitive edge through its unique ring form factor, focus on health metrics beyond fitness, and acquisitions like Sparta Science and Veri, which bolster its position in the crowded wearable tech space.

The latest product, the Oura Ring 4 launched last October, features sensors for heart rate, blood oxygen, skin temperature, and movement, with up to eight days of battery life and features like daily Readiness, Sleep, and Activity scores.

Looking ahead, Oura aims to surpass $1.5 billion in revenue in 2026, driven by growth in international markets, retail store sales, female shoppers, and health savings account purchases.