Tonal – an advanced strength and personal training platform that combines proprietary digital weight, AI, and expert-led coaching – announced that it successfully completed its latest funding round, raising $130 million in new capital through existing investors led by L Catterton, Cobalt, Dragoneer, Kindred Ventures, and THVC. This funding round comes as part of a broader recapitalization strategy to further strengthen the company’s balance sheet, accelerate profitability, and drive growth to better serve the Tonal community for years to come.
Plus the company also announced that Krystal Zell will assume the position of Chief Executive Officer (CEO) of Tonal, succeeding the company’s founder, Aly Orady, who will transition to the new role of Chief Technology Officer. Zell had joined Tonal in July 2022 as President of the company, bringing with her over 20 years of experience driving customer-centered growth at leading companies within the retail and hospitality industries, including The Home Depot and Starwood Hotels & Resorts Worldwide. Building on Tonal’s founding spirit of innovation and commitment to continuous improvement, Zell and Orady will work closely together to drive forward the technology that enables Tonal’s community.
KEY QUOTES:
“I’m honored to be stepping into this new role during such an important inflection point in Tonal’s journey, and to steer Tonal into its next stage of growth with a reinvigorated member-first mindset. With a robust financial foundation in place, the deep engagement of our members, and partnerships with our vendors, we look to the future with a clear line of focus on serving our members, deepening member engagement, and strengthening member loyalty. Tonal was built on a legacy of amplifying the strength that exists in everyone, and I’m excited to help Tonal deliver on that ambitious mission with the continued support of our dedicated team of employees and enthusiastic investors.”
— Krystal Zell
“This is an exciting moment for Tonal, our members, and our team. As we embark upon this next stage of our journey, I am filled with confidence as I hand the reins over to Krystal. A proven executive at scale, Krystal is an exceptional collaborator and fierce advocate for our members, who is always putting customers at the center of our business. I look forward to continuing our partnership as I focus on the next phase of technology and product development.”
— Aly Orady
“We are passionate about the long-term opportunity for connected fitness to transform the consumer’s health journey and we believe Tonal is truly unique in its ability to deliver an incredibly engaging technology-enabled personalized strength training experience easily accessible in the home. We look forward to continuing to support Tonal and are excited about the deep experience Krystal brings to the leadership team as Tonal builds on its current foundation and drives forward into the future.”
— Jon Owsley, Managing Partner at L Catterton’s Growth Fund
