Tonal, a fitness company that sells what it calls "the smartest home gym," announced on Thursday (Sept. 17) that it has raised $120 million in a second round of venture capital funding.
"This new capital will allow us to accelerate our marketing initiatives while scaling our supply chain so that we can change even more people’s lives through the power of strength training," Tonal CEO Aly Orady wrote in a blog post. "We’ll also be rolling out innovative new software features and a wider breadth of workout categories that we are excited to share more on in the coming months."
Tonal sells a roughly $3,000 wall-mounted system that simulates weights and uses artificial intelligence (AI) to guide athletes through training regimens.
The latest funding is from returning investors L Catterton, Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media and THVC, along with new investors Delta-v Capital, the Amazon Alexa Fund and Mousse Partners, according to the news release. Other investors include NBA players Stephen Curry and Paul George and professional golfer Michelle Wie.
"I’ve had a Tonal for almost two years,” Curry said in a prepared statement distributed by Tonal. "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."
Wei said: "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."
Jon Owsley, co-managing partner of L Catterton’s Growth Fund, said in a prepared statement, "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."