Tonal Announces $110M in New Capital, Building on its Leadership in Connected Strength Training
SAN FRANCISCO–(BUSINESS WIRE)–Tonal, the world’s most advanced strength and personal training platform that combines proprietary digital weight, artificial intelligence, and expert-led coaching, today announced $110M in new capital, further establishing itself as the clear leader in connected strength training.
This round is funded by leading growth-stage investors, including the Growth Fund of 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 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 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.”
Tonal is trusted by hundreds of professional athletes and sports franchises for its ability to take their strength and performance to the next level, many of which turned to Tonal as a solution for their training needs during quarantine. 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 who recognize Tonal as the ultimate strength training system after incorporating it into their own performance training. 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 Stephen 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 Paul 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 Michelle 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.”
As a result of the innovation Tonal brings to strength training, the company has attracted a number of partnerships that will further confirm its dominance in the market and reach even more consumers. Tonal 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 successful installation of in-room Tonals with the Four Seasons Palo Alto, Tonal is actively expanding its presence in 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.
Tonal is the world’s most intelligent home gym and the first truly personalized approach to strength training. Tonal enables people to lead healthier lives by providing them with the equipment, technology, and guidance to effectively reach their fitness goals. By using a proprietary digital weight system instead of metal weights, Tonal can generate 200 pounds of resistance and replicate every machine in the weight room with a fraction of the equipment. Smarter than dumbbells and better than bodyweight, Tonal leverages A.I. to dynamically adjust the weights for each exercise in real-time for your most effective workout. Led by Aly Orady, a supercomputer engineer, the company makes strength training accessible to all. Tonal is backed by leading venture capital firms and investors in health and fitness and a growing roster of professional athletes. The company is headquartered in San Francisco, California.