- Californian company’s latest funding round takes total raised to US$200m
- Firm already backed by likes of Serena Williams, Klay Thompson and Tony Gonzalez
- Tonal devices used by half of NBA teams within Orlando bubble
Connected home fitness startup Tonal has secured an additional US$110 million in a funding round comprising several new investors, including basketball stars Stephen Curry, Rudy Gay and Paul George, and golfer Michelle Wie.
Other investors backing the San Francisco-based company as part of the latest round of financing include Amazon’s Alexa Fund, Delta-v Capital, Mousse Partners, National Football League (NFL) players Bobby Wagner and Kyle Rudolph, and existing investors L Catterton, Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media and THVC.
According to TechCrunch, the fresh injection of capital takes the total raised by Tonal, which manufactures artificial intelligence-enabled strength training devices, up to US$200 million.
‘This new capital will allow us to accelerate our marketing initiatives while scaling our supply chain so that we can change even more people’s lives through the power of strength training,’ Tonal chief executive Aly Orady wrote in a blog post.
‘We’ll also be rolling out innovative new software features and a wider breadth of workout categories that we are excited to share more on in the coming months.’
Tonal’s core product, a device that includes a flat-screen TV, a workout bench and resistance bands, retails for around US$3,000 in the US. According to the company, the device has been used by more than half of National Basketball Association (NBA) teams within the Orlando bubble during this season’s playoffs.
Several other top sports stars are already invested in the five-year-old company, including tennis great Serena Williams, basketball player Klay Thompson, and NFL Hall of Famer Tony Gonzalez.
Venture capital interest in the booming connected fitness market has intensified amid the Covid-19 pandemic, which has shut gyms and public workout facilities across the globe and forced people to train at home.
Earlier this week, Apple debuted its own fitness platform, while virtual cycling and running startup Zwift announced that it had raised a further US$450 million after selling off minority shares in a major round of funding led by global investment firm KKR.
In June, athleisure brand Lululemon acquired Mirror, one of Tonal’s main competitors, for US$500 million, while the value of shares in Peloton, the American exercise equipment and media company, has surged more than 200 per cent this year.
“Even if all the gyms reopened at 100 per cent capacity tomorrow, people aren’t going to just snap back from the new habits they’ve built,” Orady told CNBC. “Post-Covid, investors believe that workout-from-home is a permanent shift in behaviour and patterns.”
Connected home fitness startup Tonal has secured an additional US$110 million in a funding round comprising several new investors, including basketball stars Stephen Curry and Paul George, and golfer Michelle Wie.
Other investors backing the San Francisco-based company as part of the latest round of financing include Amazon’s Alexa Fund, Delta-v Capital, Mousse Partners, National Football League (NFL) player Bobby Wagner, and existing investors L Catterton, Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media and THVC.
According to TechCrunch, the fresh injection of capital takes the total raised by Tonal, which manufactures artificial intelligence-enabled strength training devices, up to US$200 million.
‘This new capital will allow us to accelerate our marketing initiatives while scaling our supply chain so that we can change even more people’s lives through the power of strength training,’ Tonal chief executive Aly Orady wrote in a blog post.
‘We’ll also be rolling out innovative new software features and a wider breadth of workout categories that we are excited to share more on in the coming months.’
Tonal’s core product, a device that includes a flat-screen TV, a workout bench and resistance bands, retails for around US$3,000 in the US. According to the company, the device has been used by more than half of National Basketball Association (NBA) teams within the Orlando bubble during this season’s playoffs.
Several other top sports stars are already invested in the five-year-old company, including tennis great Serena Williams, basketball player Klay Thompson, and NFL Hall of Famer Tony Gonzalez.
Venture capital interest in the booming connected fitness market has noticeably intensified amid the Covid-19 pandemic, which has shut gyms and public workout facilities across the globe and forced people to train at home.
Earlier this week, Apple debuted its own fitness platform, while Zwift announced that it had raised a further US$450 million after selling off minority shares in a major round of funding led by global investment firm KKR.
In June, athleisure brand Lululemon acquired Mirror, one of Tonal’s main competitors, for US$500 million, while the value of shares in Peloton, the American exercise equipment and media company, has surged more than 200 per cent this year.
“Even if all the gyms reopened at 100 per cent capacity tomorrow, people aren’t going to just snap back from the new habits they’ve built,” Orady told CNBC. “Post-Covid, investors believe that workout-from-home is a permanent shift in behaviour and patterns.”
Tonal
