Venture Funding

Tonal Works Out With $110 Million in New Capital

SAN FRANCISCO — Tonal, which develops a strength and personal training platform that combines proprietary digital weight, artificial intelligence, and expert-led coaching, has announced $110 million in new capital.

The round is funded by returning investor L Catterton, the largest and most global consumer-focused private equity firm, as well as returning investors 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 NBA players Stephen Curry of the Golden State Warriors, Paul George of the Los Angeles Clippers, and professional golfer Michelle Wie.

Tonal sells its device for $2.995 plus $49 monthly membership.

This capital will allow Tonal to accelerate marketing initiatives and scale its supply chain and logistics to more quickly meet its unprecedented demand, while also rolling out new software-driven product innovations and a wider breadth of content. In addition, Tonal is researching applications of digital strength training with Mayo Clinic.

After more than five years of product development and innovation, Tonal has set the bar for connected strength training as the only offering that combines revolutionary equipment leveraging digital weight with the most advanced AI software available. Unlike other products that rely on traditional dumbbells and barbells, Tonal is moving the industry forward with adaptive resistance technology that learns from the user for a more personalized and more effective full-body workout.

With more than 95 percent market share in the connected strength training segment and a best-in-class Net Promoter Score consistently above 80, Tonal is the clear leader in the category. Following a successful first year in the market, Tonal has seen explosive growth in 2020, with sales increasing more than 12x over previous year figures and member engagement increasing dramatically. Tonal has also opened three new office locations while establishing a retail presence in 15 new markets across the United States.

“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.”