(Reuters) -Oura Health, the maker of the Oura Ring, is raising nearly $875 million in a funding round that will value it at nearly $11 billion, Bloomberg News reported on Monday.
The potential financing doubles the Finnish company’s valuation from the December figure of $5.2 billion, when it raised $200 million in a Series D funding round.
The new round is expected to close by the end of this month and could still exceed $900 million, the report said, citing people familiar with the matter. Oura plans to use the funds to scale production, invest in development and expand internationally.
When contacted by Reuters, Oura said it does not comment on rumors or speculation about financing.
Founded in Finland in 2013, Oura makes a smart ring that tracks health data such as heart rate, sleep stages and physical activity.
The sales of Oura Ring have surpassed 5.5 million since it was first offered in 2015, having sold over 2.5 million rings since June last year, the company said separately on Monday.
Oura expects to reach $1 billion in sales in 2025. It posted revenue of over $500 million in 2024, more than two times from the previous year.
(Reporting by Juby Babu in Mexico City; Editing by Shailesh Kuber)
