- Tonal — an advanced strength and personal training platform that combines proprietary digital weight, artificial intelligence, and coaching — announced $110 million in new capital
Tonal — an advanced strength and personal training platform that combines proprietary digital weight, artificial intelligence, and coaching — announced $110 million in new capital. This funding round further establishes itself as the clear leader in connected strength training.
And the funding round was provided by leading growth-stage investors, including the Growth Fund of existing investor L Catterton as well as returning investors Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media, and THVC. And new investors include Delta-v Capital, the Amazon Alexa Fund, and Mousse Partners. Additional strategic investors included 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. Plus Tonal is researching applications of digital strength training with Mayo Clinic.
After over 5 years of product development and innovation, Tonal raised the bar for connected strength training as the only offering that combines revolutionary equipment utilizing digital weight with the advanced AI software. And unlike other products that rely on traditional dumbbells and barbells, Tonal is pushing the industry forward with adaptive resistance technology that learns from the user for a more personalized and more effective full-body workout.
With over 95% 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. And following a successful first year in the market, Tonal has seen major growth in 2020 with sales increasing over 12x over previous year figures and member engagement increasing dramatically. And Tonal has also opened three new office locations while establishing a retail presence in 15 new markets across the United States.
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. And 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 over 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 more than half of the basketball teams within the Orlando bubble during the playoff games.
As a result of the innovation Tonal brings to strength training, the company has attracted several partnerships that will further confirm its dominance in the market and reach even more consumers. And 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.
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.
KEY QUOTES:
“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. Month over month, we’ve consistently seen record-breaking sales and member engagement fueling one of the most passionate fitness communities ever.”
— Aly Orady, CEO of Tonal
“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. 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.”
—Jon Owsley, Co-Managing Partner of L Catterton’s Growth Fund
“I’ve had a Tonal for almost two years. 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.”
— Stephen Curry
“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. Tonal is the most incredible piece of fitness equipment I’ve ever used.”
— Paul George
“Moving to a new city, I wasn’t sure where to go for a trainer. 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.”
— Michelle Wie
