Oura at $500M/year growing 120% YoY

TL;DR: At a Sacra-estimated $500M in revenue for 2024, Oura accelerated for the second year in a row, growing 120% YoY after growing 79% YoY in 2023 and 10% in 2022. For more on Oura’s hybrid SaaS-and-hardware business model and their expansion into metabolic health via $75M strategic investment from Dexcom, check out our full report and dataset.

We first covered Finnish wearables maker Oura at $225M in annual revenue in 2023 as it launched a $6/month subscription product on top of its hardware business in competition with Whoop and Apple Watch.

In the year since, Oura has become the Finnish consumer electronics startup with the most success outside Finland since Nokia.

Key points from our 2025 update via Sacra AI:

After going omnichannel into Target and Amazon in April and launching its first major hardware refresh since 2021 with the Oura Ring 4 in October—adding improved cycle tracking & daytime stress tracking—Oura sold 1.3M rings in 2024 (~$390M hardware revenue, 80% of overall) and doubled paying subscribers to 2M (~$110M subscription revenue, 20% of overall).
On the back of a big Q4 2024, Sacra estimates Oura reached ~$500M in total revenue at 2024 year-end, growing 120% YoY, re-accelerating again after hitting ~$225M in 2023 (up 79% YoY) up from their nearly-flat 2022 at $126M (up 10% YoY)—with its $200M Series D in 2024 valuing the company at $5.2B for a 10.4x revenue multiple.
From its initial wedge in sleep tracking (2015), Oura has expanded into readiness & recovery (2018), cycle tracking (2022), stress (2024), and most recently metabolic health (May 2025), with the company taking a $75M strategic investment from glucose-monitoring giant Dexcom (NASDAQ: DXCM) and adding AI meal logging and glucose patch integration, turning the Oura app into a real-time nutrition and glucose coach.

For more, check out this other research from our platform:

$1B/year Finnish MAHA wearable