With a $28M Series B, It’s a New Era for Oura
When I first sat down to write this, the world was different. What started as a purely celebratory post, is now an important note to acknowledge the hard and frightening times.
We’re living in a new realm as COVID-19 impacts people’s health, livelihood and wellbeing. Our hearts go out to everyone who is affected.
While it might be a strange time to talk about corporate milestones, we believe that sleep’s role in health and immunity is of the utmost importance and we hope to be able to continue our work in the days to come.
I’d like to take a look back before we look ahead. We’ve entered 2020 following a year of incredible growth and strong momentum for Oura. To date, we’ve sold over 150,000 rings, and grown to more than 100 employees globally.
But these numbers tell only a part of the story.
Sleep is an entry point to a wider discussion about health, and Oura has made a commitment to help people live healthier lives, starting with understanding and improving their sleep.
Consumers from around the globe have reached out to us via email and social media to tell us their stories. We’ve heard stories of users who developed strong lifestyle habits, those who better understand the effects of alcohol on their systems, and some who have become better athletes. Others have experienced more productivity and less stress. Some have found out they were getting sick earlier than they would have otherwise.These are the stories that keep us going.
Today, we are proud to announce our Series B raise of $28M from Forerunner Ventures, Gradient Ventures and Square. We feel incredibly lucky to find ourselves with this trio of investors and we turned to each for different reasons.
Oura is a consumer product, and no one understands e-commerce and consumer behavior quite like Forerunner Ventures; they’re the best at leveraging technology to identify and directly address consumer needs and pain points. Their impressive roster of portfolio companies scale and reach millions online, and we’re honored to have Forerunner partner Eurie Kim join Oura’s board.
On the technical side, Oura helps customers better understand their bodies through data. This data is enhanced through AI, and Gradient is the fund focused on supporting and building AI-powered companies. Anna Patterson from Gradient is joining as Board Observer. From her role as VP of Engineering at Google, she has a deep well of experience integrating AI into consumer products — expertise Oura is eager to learn from.
Jesse Dorogusker, Head of Hardware at Square, is a visionary and has produced world-class products at scale starting with his time at Apple on the original iPod team. He has an eye for beautifully designed hardware and has scaled supply chains for new and innovative products. He took Square’s hardware team from five employees to over 200 and understands engineering and operational excellence; we’re thrilled he’s also joining Oura’s board.
And there’s even more to be excited about. Dr. Matthew Walker, the British scientist and professor of neuroscience and psychology at the University of California, Berkeley, known for his research and best-selling book Why We Sleep: Unlocking the Power of Sleep and Dreams will join as Chief Science Advisor as Oura strengthens its commitment to education and research.
The funds we’ve raised will be used to help grow the Oura team by hiring talent that can help further our commitment to helping people live healthier lives starting with better sleep.
We’ll also be rolling out a redesigned website which will house a new content portal that brings actionable insights for users to the forefront.. Additionally, we’re pursuing evolved branding and marketing as well as prioritizing research support with academic institutions to ensure that our accuracy and functionality remain best-in-class.
Sleep is currently one of the most sought-after pieces of the health puzzle; more than 1 in 3 Americans don’t get enough sleep each night. Improving your sleep is the first step in spurring better habits and ultimately preventing avoidable health issues. We’ll continue to apply data and insights to understand larger, sweeping trends and preventative care as we elevate human health. Now, especially during these tough times, and well into the future.
Harpreet Singh Rai, CEO of Oura