Lebron James is the newest investor and brand ambassador for Tonal, an at-home fitness startup valued at $1.6 billion after a $250 million Series E round in March.
Financial terms of James’ investment were not disclosed.
The wall-mounted system uses advanced technology to replicate weight-lifting equipment found at brick-and-mortar gyms. The $2,995 machine soared in popularity during the pandemic.
“I’ve used a lot of different machines and different methods,” James said. “Tonal definitely sits right at the top.”
James joins the growing list of Tonal’s athlete investors, which includes Steph Curry, Serena Williams, Sue Bird, Mike Tyson, and Drew Brees. Dragoneer, L Catterton, Cobalt Capital, and Amazon’s Alexa Fund are among its venture capital investors.
Tonal says it has more than 90% of market share in the connected strength category, with system sales increasing 800% between December 2019 and December 2020.
- Earlier this year, Tonal struck a long-term deal to bring workout stations to 40 Nordstrom stores across 20 states — it has 16 brick-and-mortar locations of its own.
- The company says “hundreds of athletes across 40+ leagues and teams” use its product.
In March, Tonal CEO Aly Orady said the company was preparing for an IPO.
