Oura, the smart ring maker, with offices in San Francisco and Finland, is reportedly planning to raise up $3 billion as soon as next month in a U.S. IPO that values the more than 900-person company at north of $16 billion, according to Bloomberg. The outlet adds that investors are expected to sell a major chunk of stock in the offering.
A $16 billion valuation would mark an enormous jump from the $10.9 billion valuation Oura was assigned last September, when it closed an $875 million Series E round backed by Fidelity, ICONIQ, Whale Rock, and Atreides, joining earlier backers like Dexcom, The Chernin Group, Forerunner Ventures, Coatue, and Temasek.
The wearables space has gotten crowded fast.
Samsung launched its own ring, the Galaxy Ring, two years ago. But Oura’s most direct rival may be the fitness band maker Whoop, which has undergone its own reinvention. Once a performance tool for elite athletes and young men, Whoop has spent the past year courting a much broader audience, layering in hormone tracking and blood-panel testing for perimenopause and thyroid health. The move drove its own valuation up to $10 billion back in March. Oura has followed a similar path, evolving from its starting niche of biohacking CEOs into a more mainstream sleep-and-recovery brand.
Oura announced in May that it had filed confidentially for an IPO.
