Oura
Oura hired Tom Hale as the company’s new chief executive, setting its sights on the public market.
New Ring Leader
Filling the seat of outgoing CEO Harpreet Singh Rai, the addition of Hale is strategic. The former president of SurveyMonkey, Hale took its parent company Momentive public in 2018. As Oura targets its own IPO, the Finnish smart ring maker is getting its ducks in a row.
Funding. Earlier this April, Oura was valued at $2.55B in a new funding round from Forerunner Ventures and others.
Sales. In May 2021, the company had sold ~500K total devices, up from 150K from spring 2020. In March 2022, it hit 1M.
Subscription. In October 2021, coinciding with the debut of its Gen 3 ring, Oura shifted to a $5.99 monthly subscription model to boost MRR.
Features. Since launching its latest ring, it has been consistently releasing new features, adding recovery metrics, real-time exercise stats, and period prediction. To come, medical device-like upgrades, with planned rollouts of SPO2 and sleep staging readings this summer.
New focuses. To date, Oura has placed great emphasis on its sleep tracking business. Hale, as well as Forerunner managing partner Eurie Kim, see new opportunities ahead in illness detection, personal data sharing, mental health, and importantly, women’s health. Says Kim, “Reproductive health is a huge opportunity.”
Looking ahead: There’s no timeline for the company’s IPO, but with recent milestones and a doubling YoY device sales, Oura may strike while the iron is hot.
