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On the heels of surpassing 1 million Oura rings sold, the smartring maker announced that it has raised capital at a $2.55 billion valuation.
The additional funding will be used for research and development, product and science innovation, and personalized and guided content. Lifeline Ventures, Forerunner Ventures, and MSD Capital have all participated in the company’s funding rounds.
In May 2021 — nearly a year after the NBA purchased Oura rings for players in the Bubble — the company had sold just over 500,000 rings, and Oura’s total funds sat at $148.3 million.
- The boost in sales comes after Oura launched its $300 Gen3 model and a $5.99 monthly subscription offering in October.
- Oura says it’s sold more third-generation models than all previous versions combined.
- The app has also seen more engagement than in previous versions.
Wearables Win
While Oura focuses on rings, a number of high-profile companies are also capitalizing on the growing global wearable technology market — estimated to reach $118.16 billion come 2028.
In October, Amazon launched the Halo View, a wearable device similar to the Apple Watch — Apple Insider says the company holds a 30.1% share of the smartwatch market. Last year, Google finalized its $2.1 billion acquisition of Fitbit, and Peloton acquired Atlas Wearables for an undisclosed amount.
WHOOP, another growing wearables brand, signed a deal with USA Cycling this week.
