Tonal, the connected fitness startup based in San Francisco, CA supporting strength training, announced $110 million in new capital.
The round is funded by growth-stage investors including the Growth Fund of returning investor L Catterton, one of the largest global consumer-focused private equity firms as well as returning investors Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media, and THVC. New investors include Delta-v Capital, the Amazon Alexa Fun, 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.
This capital will allow Tonal to accelerate marketing initiatives and scale its supply chain and logistics while also rolling out new software-driven products and a broader scope of content. In addition, Tonal is researching applications of digital strength training with Mayo Clinic.
Tonal combines equipment, digital weight culled from AI software to support adaptive resistance technology that learns from the users personalized full-body workout. Tonal said it has more than 95 percent market share in the connected strength training segment and a Net Promoter Score above 80.
Following a successful first year in the market, Tonal said that their sales increasing more than “12x over previous year figures” and “member engagement increasing dramatically”. Tonal opened three new office locations while establishing a retail presence in 15 new markets across the U.S.
“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.”
“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. “We are excited to reinvest and further extend our partnership with Aly, the Tonal team, and a growing roster of valuable strategic investors to expand the company’s market leadership and AI and technology-driven offerings.”
With previous investments from Serena Williams, Klay Thompson, and Tony Gonzalez, Tonal will also be adding Stephen Curry, Paul George, Michelle Wie, Rudy Gay of the San Antonio Spurs, Kyle Rudolph of the Minnesota Vikings, and Bobby Wagner of the Seattle Seahawks to its growing roster of more than 20 athlete investors. Most recently, Tonal was used by over half of the basketball teams within the Orlando bubble during the playoff games.
“I’ve had a Tonal for almost two years,” said Curry. “While in quarantine during COVID, I have relied heavily on it to maintain my strength training and believe it is revolutionizing how people will work out now and in the future.”
“I was able to get my hands on a Tonal a few months ago while looking for ways to train at home ahead of the playoffs, and I was completely blown away,” said George. “Tonal is the most incredible piece of fitness equipment I’ve ever used.”
“Moving to a new city, I wasn’t sure where to go for a trainer,” said Wie. “I discovered Tonal and it became the perfect solution. Coming off an injury, unique functionalities like turning the weight on and off with the touch of a button have helped me regain the confidence to start strength training again.”
Tonal also said it will collaborate with Mayo Clinic in a clinical trial using it in physical therapy applications, the results of which are expected to be released in early 2021. Additionally, following the installation of in-room Tonals with the Four Seasons Palo Alto, Tonal is expanding into the hospitality space through new partnerships with Andaz Scottsdale Resort & Bungalows, Waldorf Astoria Boca Raton Resort and Club, as well as all Proper Hotel and Residences locations.