At-home fitness training company, Tonal, has announced $250 million in new funding. The latest investment round brings Tonal’s total funding to over $450 million and values the business at $1.6 billion.
“Our growth over the last year underscores the changing fitness landscape. People want smarter, more connected ways to work out,” said Aly Orady, CEO of Tonal.
As Tonal looks to spearhead a new era of at-home fitness and further establish itself as a leader in connected strength training, the new capital will allow the company to accelerate both its marketing and content initiatives while making efforts to scale the business and operations.
Like many at-home fitness solutions, Tonal witnessed explosive growth in 2020. The company saw its sales grow eightfold and it expanded its retail footprint through a nationwide partnership with Nordstrom across 40 locations.
“The past year has shown us what the future of fitness looks like — connected, personalized, and content-driven, all within the comfort and convenience of your home — and Tonal is an important force driving this trend,” said Jared Middleman, Partner at Dragoneer.
“Its sophisticated hardware and engaging content provide a superior workout experience that has created immense customer love, and the product experience continues to improve at an incredible pace — thanks to Aly and the team’s inspiring vision and relentless execution. We are thrilled to support them as they enter this exciting next phase of growth and seek to revolutionize at-home fitness for consumers across the country,” Middleman added.
While Tonal is looking to increase its staff, the company has recently made a number of key executive hires, which include former Johnson & Johnson executive Shannon Crespin, who has been appointed chief operations officer; former Head of Corporate Strategy and Development for NBCUniversal, Gregory de Gunzburg, who is now Tonal’s chief strategy officer and Bryan James who holds more than two decades of leadership experience at Google, Nest, Apple, and TiVo and is now the startup’s chief technology officer.
Additionally, Tonal has appointed Nina Richardson and Jack Lazar to its board of directors.
Dragoneer, Cobalt Capital and existing investors led the Series E round, including L Catterton and Sapphire Ventures.