What is the story about?
What's Happening?
Oura Health Oy, the maker of the Oura health and fitness ring, is raising $875 million in a Series E financing round, bringing its valuation to approximately $10.9 billion. This round, expected to close by the end of the month, will double the company's valuation from its previous Series D round. Oura has sold 5.5 million rings to date and is projected to generate over $1 billion in revenue this year. The company plans to use the new funding to scale production, expand internationally, and invest in product development.
Why It's Important?
The significant increase in Oura's valuation and funding highlights the growing demand for health and fitness technology. The company's expansion plans indicate a strong market presence and potential for further growth, particularly in international markets. The focus on product development and scaling production suggests that Oura is positioning itself to meet increasing consumer demand and enhance its offerings. This development is likely to impact the wearable technology industry, driving innovation and competition among health tech companies.
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