Finnish health-tracking smart ring manufacturer Ōura has secured a remarkable £200 million in fresh funding, propelling its valuation to £5.2 billion—twice its 2022 value. This investment round stands as one of the largest secured by a private European tech enterprise outside the artificial intelligence sector this year.
The funding round was spearheaded by Fidelity Management alongside US-based glucose-monitoring specialist Dexcom, bringing Ōura’s total raised capital beyond £550 million. The company’s impressive growth trajectory is reflected in its doubled sales figures this year, reaching approximately £500 million, with total ring distributions exceeding 2.5 million units.
The smart ring, which retails at £349 for the latest Oura 4 model plus a £5.99 monthly subscription, has garnered a prestigious following. Notable users include Prince Harry, Gwyneth Paltrow, Jennifer Aniston, and tech luminaries such as Twitter’s Jack Dorsey and Salesforce’s Marc Benioff.
Tom Hale, Ōura’s chief executive, emphasised the company’s ambition to expand “beyond the ring” into regulated medical applications. The company’s subscription-based business model has proven particularly attractive to investors, generating margins more aligned with software companies than traditional hardware manufacturers.
The wearable technology landscape, traditionally dominated by smartwatch manufacturers like Apple, is witnessing a significant shift. While smartwatch shipments are projected to decline by 3 per cent this year, smart ring shipments are experiencing an extraordinary 88 per cent growth, according to IDC research.
Despite emerging competition from tech giant Samsung’s Galaxy Ring, Ōura maintains its market position. Hale views Samsung’s entry positively, suggesting it helps validate the smart ring concept and expand market awareness beyond traditional smartwatches.
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