Tonal Raises $110 Million, Steph Curry Among New Investors

Connected strength training system Tonal has raised $110 million in new capital as the at-home fitness category soars amid the COVID-19 pandemic. 

Tonal, a wall-mounted system which costs $2,995, lets users lift up to 200 pounds in “digital weights.” It has adjustable arms and 17 different sensors that offer users personalized workouts.

The funding round was led by returning investors L Catterton— an early Peloton backer — Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media, and THVC. New investors in the system include Delta-v Capital, the Amazon Alexa Fund, and Mousse Partners. 

Golden State Warriors player Stephen Curry, Paul George of the Los Angeles Clippers, professional golfer Michelle Wie, Rudy Gay of the San Antonio Spurs, Kyle Rudolph of the Minnesota Vikings, and Bobby Wagner of the Seattle Seahawks are also new investors in Tonal. Tennis star Serena Williams, Curry’s teammate Klay Thompson and retired NFL player Tony Gonzalez had previously invested. 

“I’ve had a Tonal for almost two years,” Curry said in a release. “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.”

In an announcement, Tonal said it will use the new funds to “accelerate marketing initiatives and scale its supply chain and logistics to more quickly meet its unprecedented demand,” as well as roll out software “innovations.” 

Tonal says it is also researching applications of digital strength training with the Mayo Clinic, including a clinical trial using it in physical therapy applications — results of the trial are expected to be released in early 2021.

The system has more 95% market share in the connected strength training segment, Tonal says, and sales have increased more than 12 times year-over-year in 2020. The company has also opened three new office locations and expanded to 15 new markets in the U.S. this year.  

News of Tonal’s latest round of funding comes amid a rush of other news in the at-home fitness category. 

Zwift, an immerse cycling and running-focused fitness app, announced it had raised $450 million. On Sept. 15, Apple launched its own digital fitness streaming service. 

Peloton reported a 172% increase in revenue in its fiscal fourth quarter. Earlier this year, athleisure brand Lululemon announced it was buying Mirror, a wall-mounted machine for streaming workouts, for $500 million. Tonal is often likened to both Peloton and Mirror, though neither has as strong a focus on strength training.