Marketing content

Christopher Grätz, CEO

“Private markets have long been difficult to access for individual investors. With Pre-IPO investments, we want to change that by opening the door to companies that are still private and usually reserved for institutional investors.

Oura is a strong example of this new product category. It gives investors a way to gain exposure to one of the most recognised private companies in wearable health technology before a potential public listing — through a structured investment product.

This is different from our usual investment rounds, and it comes with specific risks, costs and limited liquidity. We invite you to explore the opportunity carefully and decide whether it fits your portfolio.”

Christopher Grätz, CEO, Invesdor

The intermediate entity is expected to acquire shares in the target company at a maximum valuation of USD 15.5 billion (where possible, shares will be acquired at a lower valuation). This is an estimate; the intermediate entity will only proceed if the valuation is below this maximum range.

Investment information

Days to invest:
30
Investing round ends:
17/06/2026
Intermediate entity:
Cometum Direct Invest II GmbH & Co. KG
Target company:
Oura
Type:
Bond
Subordinated:
yes
Invested so far:
€33,750.00
Price per bond:
€250.00
Transaction costs:
1.50 %
Min offer:
1 Unit
Maximum issue size:
€5,000,000
in 20,000 Units
Repayment:
bullet
ISIN:
DE000A4AU3F8
Broker:
Oneplanetcrowd International B.V
License:
ECSPR

Important notice: This is not a fixed-interest bond. The return depends on the future value development and successful sale of the underlying Oura exposure. All investments involve risks, including the possible loss of capital. Learn more here.

Key investment highlights

Oura is one of the world’s leading companies in consumer health technology and is best known for the Oura Ring, a wearable device focused on sleep, recovery and overall wellbeing. Through this investment opportunity you can get Pre-IPO exposure to Oura while the company is still private.

Company

Leading wearable health technology company

Developer of the Oura Ring, a premium smart ring focused on sleep, recovery and continuous health insights.

Traction

Rapidly scaling global platform

Oura has sold more than 5.5 million rings globally and combines hardware sales with a growing recurring subscription base.

Positioning

Strong smart ring category position

The ring form factor supports continuous, unobtrusive wear, especially during sleep, strengthening engagement and data collection.

Access

Structured Pre-IPO access

Gain financial exposure before a potential future liquidity event, such as an IPO, company sale or secondary transaction.

Figures are based on publicly available information, such as company announcements, funding disclosures and third-party reports. Oura is a private company and does not publish audited financial statements comparable to publicly listed companies.

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About Oura

Oura: one of the leading companies in wearable health technology

Wearable health technology is moving from step counting and basic fitness tracking toward continuous insight into sleep, recovery, stress and overall wellbeing. Oura is one of the best-known private companies in this shift.

Founded in Finland in 2013, Oura develops the Oura Ring, a smart ring that continuously tracks sleep, activity, recovery and key physiological signals, including heart rate, heart rate variability and body temperature. The device is designed for 24/7 wear, including during sleep, enabling long-term and high-frequency health data collection.

Oura was founded by Petteri Lahtela, Kari Kivelä and Markku Koskela, a team with backgrounds in technology, design and sensor-based health innovation. The initial focus was on building a wearable form factor capable of collecting reliable physiological data in a comfortable and unobtrusive way.

A key early milestone followed in March 2015, when the first-generation Oura Ring debuted at the Launch Festival in San Francisco. This introduced Oura to a global audience and helped establish the brand’s credibility beyond Finland’s technology and health innovation ecosystem.

Shortly after this public debut, Oura launched a Kickstarter campaign in August 2015. The campaign reached its $100,000 target in just 15 hours and collected around 2,400 pre-orders, showing early demand among health-conscious early adopters.

From the beginning, the company’s mission has been to improve how people understand and manage their health through continuous, data-driven insights. The emphasis has been on long-term wellbeing and recovery rather than short-term fitness tracking, which has shaped both product development and positioning.

Data collected through the ring is processed in the Oura app and translated into daily metrics and insights such as sleep score, readiness score and activity guidance. These outputs are designed to help users understand recovery, strain and overall wellbeing.

Oura operates a dual revenue model combining hardware sales with a recurring subscription service that provides access to advanced analytics and personalised insights. This structure creates both upfront revenue and ongoing monetisation per user.

The company has built a global user base across consumers, athletes and health-focused users. Adoption has expanded alongside broader demand for wearable health technology and continuous biometric tracking.

For investors, Oura represents exposure to the intersection of consumer health, wearable technology and preventive wellbeing — a market area where digital health data is becoming increasingly integrated into daily routines.

Based on publicly available information.

Products & services

Oura offers a wearable health platform built around the Oura Ring and its connected subscription service.

The business is based on a combined hardware and software model. Revenue is generated through the sale of the ring, followed by an ongoing subscription that unlocks advanced analytics and personalised insights.

The subscription layer is central to the long-term model. It provides users with deeper historical data, trend analysis and expanded health metrics beyond the standard device outputs.

On the back end, Oura operates a data-driven health platform where continuous biometric input from users is processed into structured health signals and metrics. This creates a recurring data feedback loop that improves insight generation over time.

The model is inherently usage- and engagement-linked: the more consistently the ring is worn, the richer the dataset and the more valuable the subscription experience becomes.

User impact and adoption

  • Improved sleep awareness and behaviour change: users gain detailed insights into sleep quality, often leading to adjustments in sleep habits and routines
  • Recovery optimisation: daily readiness metrics support decisions around rest, activity and training load
  • Longitudinal health tracking: continuous data collection enables users to observe trends in sleep, stress and recovery over time
  • Sustained engagement loop: daily feedback creates a recurring usage pattern linked to ongoing subscription value

The product is used across multiple user groups, including elite athletes, high-performing professionals and health-conscious consumers, each using the data to support performance, productivity or general wellbeing.

Product in focus

The Oura Ring is Oura’s core product

The Oura Ring is a smart ring designed for continuous health tracking. It collects sleep, activity, recovery and physiological signals in a low-friction form factor that can be worn day and night.

The connected subscription service gives users access to advanced insights, trends and personalised guidance. This makes Oura relevant not only as a hardware device, but as a recurring digital health platform.

Based on publicly available information.

Market & positioning

Wearable technology and digital health are large and structurally growing markets, driven by increasing consumer focus on health, ageing populations and broader adoption of connected health devices.

The global wearable technology market is estimated at around $90–100 billion in 2025, with expected growth of approximately 10–12% CAGR, reaching over $200 billion by the early 2030s. Within this market, health and wellness-related applications are taking an increasing share of usage and spend, reflecting a shift toward continuous and preventive health monitoring.

Sleep and recovery tracking represents a relevant growth segment. The global wearable sleep tracking market is estimated at around $13–14 billion in 2023 and is expected to reach approximately $25–30 billion by 2030, implying around 10–11% CAGR. Broader definitions of continuous health monitoring suggest a larger long-term opportunity as biometric tracking becomes more embedded in daily routines.

Within this context, Oura operates in the emerging category of ring-based wearable health devices. This segment remains smaller than wrist-based wearables, but is gaining traction as consumers increasingly prefer passive, always-on devices that can be worn during sleep without friction.

The ring form factor may offer measurement advantages for certain biometric signals, particularly during rest and sleep, because finger-based optical sensors can capture pulse signals close to well-perfused blood vessels. This supports Oura’s focus on sleep, recovery and heart-rate-variability insights. However, measurement accuracy depends on the specific metric, algorithm, user behaviour and use case, and should not be understood as a general claim that all finger-based measurements are more accurate than wrist-based wearables.

Oura has also built a strong consumer brand in the premium health and wellness segment. This is supported by early adoption among high-performance users, consistent product-led word-of-mouth growth and positioning at the intersection of health, technology and lifestyle. The brand is increasingly associated with sleep quality, recovery tracking and continuous health insights rather than general wearable functionality.

This positioning was further recognised when Oura ranked No. 23 on CNBC’s 2025 Disruptor 50 list, an annual ranking of private companies considered to be reshaping their industries through technology and innovation. For investors, this recognition adds an external credibility signal to Oura’s role as a category-defining player in wearable health technology.

The company competes indirectly with large consumer technology platforms in wearables, including smartwatch providers such as Apple Inc., as well as dedicated fitness and health tracking devices. However, Oura’s positioning is more narrowly focused on sleep, recovery and physiological insight, rather than general-purpose device functionality.

Overall, Oura’s positioning benefits from being aligned with three structural trends: the shift toward preventive health, the demand for continuous biometric data and the move toward low-friction, always-on wearable devices that integrate into daily life.

Market position

Oura is positioned at the intersection of wearables and preventive health

Wearable health technology is increasingly moving toward continuous monitoring, sleep optimisation and recovery insights rather than simple activity tracking.

Within this market, Oura has built a differentiated position through its smart ring form factor, premium health brand and subscription-led digital health platform.

Based on publicly available information.

Traction & Financials

Actual and planned figures

Get an insight in to the company's financial figures, such as turnover and earnings development. Learn more about the growth forecast.

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How this investment works

This investment provides financial exposure to Oura through a structured Pre-IPO investment product. Investors do not acquire Oura shares directly.

1

You subscribe to a bond

Investors subscribe to a bond via Invesdor. The potential return of this bond is linked to the value development of the underlying Oura exposure.

2

The exposure is held indirectly

The underlying exposure is expected to be held through the project owner Cometum Direct Invest II GmbH & Co. KG (Oura), which is responsible for acquiring and managing the position in the target company.

3

Returns depend on a future exit

A return may be realised if the underlying exposure is sold successfully, for example through an IPO, company sale, or secondary market transaction.

How a return may be realised

A return is typically only possible if the underlying Oura exposure can be sold successfully. This may happen for example through one of the following scenarios:

IPO Oura lists on a public stock exchange.
Company sale The company, or a stake in the company, is sold to another buyer.
Secondary transaction The exposure is sold to another investor in the private market.

Important to understand: If the valuation decreases, no exit occurs, or costs and fees reduce the realised proceeds, investors may receive less than expected. A partial or total loss of the invested capital is possible.

For a more detailed explanation of the product structure, please read our dedicated Pre-IPO product overview.

Read the full Pre-IPO product overview
In simple terms

You do not buy Oura shares directly

Investors subscribe to a bond. The return of this bond is linked to the value development of Oura through an intermediary structure.

The underlying exposure is expected to be held through the intermediate entity Cometum Direct Invest II GmbH & Co. KG (Oura), which is responsible for acquiring and managing the position in the target company. The Intermediate entity ensured to have all legal approvals to acquire the shares in the target company.

The return to the investors in the bond depends on a future exit, such as an IPO, company sale or secondary transaction after costs and fees. Additional factors such as dilution and liquidation preferences in the target company may impact the ultimate return on the bonds.

Important distinction

Why this is different from a normal bond

This investment is legally structured as a bond, but it does not pay fixed interest. Your potential return depends on the value development of the underlying Oura exposure and on whether this exposure can be sold successfully in the future.

If no exit occurs, or if the realised value is lower than expected after costs and fees, investors may receive less than they invested.

About COMETUM

COMETUM is a digital investment manager focused on private-market opportunities, including Pre-IPO investments in companies that are usually difficult to access for individual investors.

For this investment opportunity, COMETUM enables access to the underlying Oura exposure. COMETUM sources access through its private-market network, including relationships with family offices, institutional investors and other large private-market participants.

COMETUM has already structured access to private companies such as SpaceX and Klarna. These opportunities were previously aimed primarily at professional or wealthier investors. Through the cooperation with Invesdor, this type of structured Pre-IPO access is now being made available to a broader investor base.

Investors should note that they do not acquire Oura shares directly. The underlying exposure is expected to be held and managed through an intermediary structure. The exact structure, parties involved, costs, risks and investor rights are described in the official investment documents.

COMETUM´s role as intermediary

Material for investor review

Private companies such as Oura do not publish the same level of financial information as publicly listed companies. Investors in the bond therefore do not have access to audited public financial statements, quarterly reporting, or daily market pricing.

For this investment opportunity, the provided material is based on available public and transaction-related information, including:

  • Recent company announcements and funding rounds
  • Reported valuation levels and secondary market activity
  • Available revenue and user adoption estimates
  • Market data on wearable technology, digital health and sleep tracking
  • Oura’s competitive position and subscription-led business model
  • The structure, costs and risks of the investment product

This provided material aims to give the investor an overview of the target company. The investment is made into a bond issued by an intermediate entity ultimately acquiring the shares in the target company.

The investor is responsible for carrying out their own investment analysis about the bond, intermediate company and target company. The information presented on this page is based on publicly available information. The figures should be read as indicative, not as audited financial information.

Important to understand

Private company data is limited

Oura is a private company. This means that investors do not have access to the same level of audited financial information, regular reporting and market pricing as they would with a listed company.

The provided material is therefore based on available company announcements, funding disclosures, reported market data, transaction-related information and third-party estimates.

Invesdor has reviewed the investment structure and investment documents but has not carried out an independent due diligence review or separate valuation of Oura itself. The information presented on this page is based on publicly available sources, company announcements, funding disclosures, market reports and information provided by transaction partners where applicable. It is intended to help investors understand the opportunity, but should not be understood as investment advice, a recommendation, or confirmation of Oura’s valuation or future performance. Investors should carefully review the KIIS, subscription terms, risk disclosures and all legal documents before making an investment decision.

Why consider this investment

Exposure to a leading private wearable health technology company

Oura operates in a structurally growing area of consumer health technology: wearable devices, continuous biometric tracking and preventive wellbeing. The company has built a strong position through the Oura Ring, its subscription-led app experience and a brand associated with sleep and recovery.

Why this opportunity is relevant now
Oura is still private, but has attracted significant attention from institutional and strategic investors. Recent funding activity, user adoption and reported revenue growth show strong market interest in premium wearable health technology and subscription-led digital health platforms. Through this structured product, individual investors can gain indirect exposure before a potential future liquidity event, while accepting the specific risks, costs and limited liquidity of private-market investing.

For investors, the opportunity lies in gaining exposure to Oura while it is still private. This is a stage that is usually difficult to access for individual investors and typically reserved for institutional investors, strategic partners and large private-market participants.

Oura has shown signs of commercial traction, including a large installed base, a growing subscription model and strong brand recognition in the smart ring category based on publicly available information. Compared with early-stage venture investments, the company is already at a more advanced stage, with significant market visibility and a recognised position in wearable health technology.

Possible exit scenarios

Potential liquidity events may include:

  • Initial Public Offering (IPO): Oura could list on a public stock exchange in the future.
  • Company sale: The company, or a stake in the company, could be sold to a strategic buyer or another investor.
  • Secondary transaction: The underlying exposure could be sold to another investor in the private market.

The timing of any exit is uncertain. It depends on Oura’s strategy, market conditions, investor demand, regulation and broader capital market sentiment.

Even if an IPO or other liquidity event occurs, the final return for investors depends on the valuation at which the underlying exposure can actually be sold. Lock-up periods, market volatility, fees and transaction costs may reduce the realised return.

Risks

Pre-IPO investments are high-risk investments. They are different from traditional bonds, listed shares, and regular fixed-interest investment products.

The returns of this investment depend on the future value development of Oura and on whether the underlying stake can be sold successfully by the intermediate company issuing the bond, for example through an IPO, company sale, or secondary market transaction. If no exit takes place, if the exit valuation is lower than expected, or if costs and fees reduce the realised proceeds, investors may receive less than expected.

The invested capital may be fully or partially lost. The investment is illiquid, meaning investors should not expect to sell or access their money before a successful exit or repayment event.

Below you can find the key risks related to this investment, as described in the Key Investment Information Sheet (KIIS) Please review the KIIS and all legal documents carefully before making an investment decision.

Important risk reminder

This is a high-risk private market investment

A positive return depends on Oura continuing to grow and on a future exit taking place at a valuation above the investment entry level after costs and fees.

Oura’s current private-market valuation already reflects high expectations for future growth, subscription monetisation, retention, competitive strength and exit potential. If revenue growth slows, competition increases, hardware margins come under pressure, or market sentiment toward consumer health technology changes, future valuation development may be lower than expected.

No IPO, sale or secondary transaction is guaranteed. Investors should be prepared for limited liquidity and the possibility of partial or total loss of capital.

If the target company underperforms, is sold at a low valuation, or fails entirely, the value of the underlying shares may decline. The target company may raise further capital which may dilute the ownership stake of the intermediate company in the target company. The target company might have different share classes with different shareholder rights. This may impact the ability to repay the bond. This can result in a partial or total loss of your invested capital.

Although the expected duration is shown as 3 years, the timing of a liquidity event is uncertain. If no suitable exit takes place within the expected period, repayment may be delayed or may not occur as expected.

If there is no IPO, acquisition, or secondary sale within the expected timeframe, you cannot exit your investment. You may have to wait longer than expected. If no exit occurs in 3 years, the intermediate company can extend the bond with another 2 years to sell the shares in the target company. The bond can only be repaid after the intermediate company has sold its shares in the target company. If the intermediate company cannot sell its shares in the target company the bond defaults.

Because prices are negotiated in private secondary markets, entry valuation may not reflect future market reality. If the eventual exit valuation is lower than expected, the intermediate company may sell shares at a lower price, resulting in reduced or negative returns on your invested capital. Final returns depend on the market price at the time of exit, not earlier valuations or IPO pricing. If market sentiment declines before the intermediate company sells, the realised value may be significantly lower than expected projections or IPO valuations.

The investment relies on multiple layers (intermediaries, bond). If any part of the structure performs poorly, mismanages assets, or becomes inefficient, this can reduce returns or delay distributions, even if the underlying company performs well.

If the intermediate company, asset manager, or transaction partners fail operationally, face financial distress, or execute poorly, the investment process (buying, holding, or selling shares) may be disrupted, potentially leading to delays, losses, or inability to realise value.

Since you do not hold shares directly, you cannot vote on corporate decisions or influence strategy. If management decisions negatively impact company performance, you cannot intervene, even if value declines.

If investors receive incomplete or delayed information compared to institutional investors, you may make decisions based on less accurate or less timely data, which can lead to mispricing expectations or misunderstanding of risks.

If other shareholders hold preferred rights (e.g. guaranteed payouts or priority in exits), they may receive proceeds first. In a downside scenario, this can mean little or no remaining proceeds for the investors in the bond issued by the intermediate company investors after preferential claims are paid.

If the company raises new funding rounds, your indirect ownership share is reduced. Even if the company grows, dilution can mean your proportional claim on future exit proceeds is smaller than expected, limiting upside.

Even after a successful IPO or exit event, lock-up periods may prevent immediate selling. If the market weakens during or after the lock-up, the intermediate company may sell the shares at a price lower than the IPO or exit event price. This may impact the return to the investors.

The Bonds constitute direct, qualified subordinated and unsecured liabilities which are subject to a pre-insolvency enforcement bar. This may lead to a permanent non-fulfilment of the Bondholders' claims arising from the Bonds. The Bondholders may be prevented from asserting their claims for an unlimited period of time, which would mean a total loss of the capital invested.

Fees & costs

Pre-IPO investments involve a more complex cost structure than traditional listed investments. This is because access to private companies often requires additional legal structuring, intermediary arrangements and transaction execution.

For this investment, the main fees include an upfront cost of 9.5%, assumed additional acquisition costs of 3.0%, and an exit fee of 10.0% if an exit occurs. These costs do not all apply at the same time: some are deducted at entry, some may apply during the acquisition process, and some only apply at exit.

To make the costs easier to compare, the fees are shown as annualized figures based on an expected 3-year term. This does not mean that all fees are charged every year. The annualized figures are only used for comparability.

Please note that some fees apply upfront or at exit and therefore reduce the amount effectively invested or the proceeds received.

At entry

Upfront cost

3.17% p.a.

Equivalent to a total upfront cost of 9.5% over an expected 3-year term.

This cost applies to the initial amount invested. It is used for structuring, legal setup, the bond and intermediate company setup, and the execution of the share purchase, including intermediary entry fees.

It also includes the 1.5% transaction cost paid to Invesdor, which is charged on top of the investment amount.

Transaction-related

Additional acquisition costs

1.00% p.a.

Based on assumed total additional acquisition costs of 3.0% over an expected 3-year term.

These costs may vary depending on how the intermediate company acquires the shares in the target company.

They are calculated on the amount actually invested into the intermediate company after upfront costs have been deducted. The final amount may be higher or lower depending on how the individual transaction is executed.

At exit

Exit fee

3.33% p.a.

Equivalent to a total exit fee of 10.0% over an expected 3-year term.

This fee applies to the value of the transaction when the underlying shares are sold, for example through an IPO or secondary transaction.

It covers exit-related costs and is intended to align incentives with achieving a successful exit.

Important to understand

The annualized percentages are shown only to make the cost level easier to compare. They do not mean that all fees are charged every year. Some costs apply upfront, some during acquisition, and some only at exit.

These costs reduce the amount effectively invested and the amount ultimately received after a successful exit.

Example: If an investor invests €1,000, upfront costs reduce the amount that is effectively linked to the Oura exposure. If an exit occurs, exit-related fees and transaction costs are deducted from the realised proceeds before repayment to investors.

-----End of marketing content-----

Documents

Investment related documents

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FAQ

The valuation of the target company, in which the intermediate entity acquires shares, is shown as a maximum valuation. The intermediate entity acquires shares in the target company through negotiations on private markets. The representatives of the intermediate entity have indicated a maximum valuation for the transaction on private markets for the target company prior to issuing the bond in the intermediate entity.

This maximum valuation is indicative of current markets prices of the target company in private markets. The final valuation of the target company is known upon completing the transaction. 

The target company valuation is determined based on available supply of shares in the target company and the demand for those shares on private markets. The valuation of the target company to the intermediate entity upon completing the transaction reflects the valuation the intermediate entity could ultimately acquire shares in the target company for.

Updates

Note:

In this update section you will find new, project-relevant information that we receive.

Invesdor does not conduct a separate review of information received after the start of the financing phase.

Invesdor is a Eurocrowd platform member.

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Crowdfunding platform 2023.

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Invesdor is licensed under the
ECSP regulation of the EU.