Tonal, a connected home fitness system, announced $110 million in new capital.
According to the company, the connected home fitness system utilizes AI, expert coaching, and personalized guidance. The system’s electromagnetic resistance creates digital weight, allowing people to do every leg, arm, shoulder, back, core, and chest exercise with one compact piece of equipment. Further, the system monitors every rep’s quality, adapts guidance, and measures your progress in real-time to take the guesswork out of strength training.
Tonal claims to have more than 95% market share in the connected strength training segment. The company has seen massive growth in 2020, with sales increasing more than 12x over previous year figures and member engagement increasing dramatically.
The latest funding round was led by existing investors: L Catterton, Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media, and THVC. New investors include Delta-v Capital, the Amazon Alexa Fund, and Mousse Partners. Additional strategic investors include Stephen Curry of the Golden State Warriors, Paul George of the Los Angeles Clippers, and professional golfer Michelle Wie.
“As we see more people exercising from home, Tonal’s rapid growth underscores its differentiated approach to providing consumers with a personalized, connected strength training experience,” said Jon Owsley, Co-Managing Partner of L Catterton’s Growth Fund.
According to the company, the new capital will accelerate marketing initiatives, scale supply chain and logistics, and support the roll-out of new software-driven product innovations and a wider breadth of content.
Tonal is also working with the Mayo Clinic for digital strength training, with results expected to be posted early next near.
“As the first mover in connected strength training, it has been incredible to see the momentum we’ve had in the two years since introducing Tonal to the world,” said Aly Orady, CEO of Tonal. “Month over month, we’ve consistently seen record-breaking sales and member engagement fueling one of the most passionate fitness communities ever.”
The latest funding round comes more than a year after a $45 million Series C funding round in April 2019. Founded in 2015, Tonal has raised almost $200 million to date. The company employs more than 100 people with an office in San Francisco, California.
