Smart ring maker Oura plans $3B IPO at $16B valuation
What's the story
Oura, the innovative smart ring company with offices in San Francisco and Finland, is reportedly gearing up for a US initial public offering (IPO) next month. The company hopes to raise as much as $3 billion through this move. According to Bloomberg, the IPO could value Oura at over $16 billion. The plan comes after a successful Series E funding round last September where it raised $875 million at a valuation of $10.9 billion.
Market dynamics
Competition in wearables market
Oura's planned IPO comes amid a growing wearables market.
The company has evolved from its original focus on biohacking CEOs to becoming a more mainstream sleep-and-recovery brand.
It now competes with other players like Samsung, which launched its Galaxy Ring two years ago, and Whoop, a fitness band maker that has expanded its target audience by adding hormone tracking and blood-panel testing features for perimenopause and thyroid health.