Toning Up

At-home fitness company Tonal continued a big week in fitness as it announced a $110 million investment round. Tonal is a wall-mounted platform that personalizes digital weight workouts and costs $2,995.

The investment round was led by returning investor L Catterton — an early Peloton backer. Also included were NBA players Steph Curry, Paul George and Rudy Gay; NFL players Kyle Rudolph and Bobby Wagner; and golfer Michelle Wie. Previous athlete investors include Serena Williams and Tony Gonzalez.

Controlling more than 95% of the “connected strength training” market share, Tonal will use the new round to “accelerate marketing initiatives and scale up its supply chain” as demand for the platform — and connected fitness in general — continues to surge. The company said they have 12 times more sales compared to 2019.

Workout Wrap-Up:

9/10 — Peloton reported a fourth-quarter sales jump of 172% year-over-year and a 210% increase in online subscriptions.
9/14 — Gym chain Town Sports International filed for bankruptcy.
9/15 — Apple Fitness+ was announced in a move Peloton CEO John Foley said legitimized fitness content. Another gym chain, Flywheel Sports, filed for bankruptcy.
9/16 — Online fitness platform Zwift announced a $450 million round of fundraising.