Siena Secondary Fund buys a stake in Ōura Ring
Tallinn-based venture capital Siena Secondary Fund has bought a secondary stake in Ōura Ring, a Finland-based healthtech scaleup renowned for its smart ring technology. This acquisition brings new opportunities for the scaleup’s growth, ArcticStartup reports.
- Founded in 2013, Ōura Ring is an award-winning company that helps people track all stages of sleep, physical activity, and overall health using a smart ring and a connected application. The solution gathers data from daily routines and provides daily feedback and practical steps to inspire healthy lifestyles.
- The company has a multi-disciplinary team of over 500 experts, headquartered in Oulu, Finland. It also has offices Helsinki and San Francisco, US. In spring 2022, Ōura reached a valuation of $2.5 billion.
- Recently, in May, 2023, Ōura acquired Proxy, a US-based startup valued at $165 million, in all-equity deal. The deal allowed the company to integrate payments and new layers of security and authentication into its devices.
“We are thrilled to be part of the Oura Ring journey, a company at the forefront of revolutionising personal health and wellness. Being myself a dedicated user of the product for several years I believe that Oura Ring’s commitment to data-driven insights and its exceptional product offering align perfectly with our vision for the future of healthcare technology. This investment signifies our belief in the company’s ability to drive positive change in people’s lives,”Rain Tamm, General Partner of Siena Secondary Fund, said.
- The deal is Siena’s first investment in Finland. Siena Secondary Fund is an Estonian VC fund focused solely on secondary deals in high growth startups from the New Nordic region. The firm targets companies which are usually post series A, have solid business model, and are still in high growth phase.
- The deal will bring strategic alignment, expertise, and potential new opportunities for Oura’s growth and development.