Tonal Secures $45 Million Series C Funding to Advance AI-Powered Home Strength Training

VCBeat (WeChat ID: vcbeat) recently learned that U.S. fitness equipment company Tonal has completed a $45 million Series C financing round. The round was led by L Catterton, with participation from Shasta Ventures, Mayfield, and Sapphire Venture.

Since its establishment in 2015, Tonal has cumulatively raised over $90 million in funding.

In October 2015, a $3 million seed round was raised, with Mayfield and Bolt as investors;

In October 2016, the company raised $12 million in Series A financing, with Shasta Ventures as the investor;

In June 2018, the company raised $30 million in Series B financing, with investors including Mayfield, Shasta Ventures, and Sapphire Ventures.

Tonal’s Funding History (Source: Crunchbase; compiled by VCBeat)

Headquartered in San Francisco, USA, Tonal was founded by CEO Aly Orady in 2015. In 2018, the company launched a home strength training device—the wall-mounted Tonal (sharing the company’s name). This equipment integrates AI, an interactive LED screen, electromagnetic resistance, and video instructions, using dual-arm cables to simulate various weightlifting machines.

Tonal is an intelligent fitness system that functions like a personal trainer, providing users with personalized strength training. The device is designed to facilitate exercises for the legs, arms, shoulders, back, and chest. Tonal helps users achieve their fitness goals and lead healthier lives by offering instructional video guidance.

Tonal Offers Multiple Training Modes (Source: Tonal Official Website)

Tonal is currently priced at $2,995, including accessories such as a mat, ropes, and a bench. Additional video instruction requires a monthly subscription fee of $49. In addition to paying in full, users can opt for an installment plan, making monthly payments of $199 over two years. Although the price is steep, Aly Orady stated that customer feedback indicates the product delivers excellent results.

Tonal Founder and CEO Aly Orady stated that the funds from this round will be used for the following purposes:

1. Optimize Software Experience: Continue to refine its intelligent digital technology, enhance the software experience, and provide real-time feedback to help users achieve their fitness goals;

2. New Content Model: Expand its video content platform to include new workout modalities;

3. Marketing and Promotion: Increase the number of physical retail stores and host events to expand Tonal’s brand awareness;

4. Expand the operations team: Recruit new talent, including AI engineers, programmers, and cloud computing specialists, to build a professional team comprising over 100 engineers, coaches, product developers, operations staff, and marketing personnel.

“The fitness industry is gradually shifting toward personalized, content-driven home workout solutions,” said Scott Dahnke, CEO of L Catterton. “As the first fitness brand focused on home strength training, Tonal boasts significant market potential. We look forward to leveraging our deep insights into consumer behavior and extensive experience in the fitness sector to help Tonal enhance its technology and content platform, thereby serving more households across China.”

“Nothing in life is more important than health. I believe the most exciting aspect of investing in Tonal is not only helping it grow into an outstanding fitness company, but also empowering people to become stronger and healthier, leading better lives,” said Williams, Investment Manager at Shasta Ventures.

L Catterton is the world’s largest and most experienced consumer-focused private equity investment firm. Since its establishment in 1989, L Catterton has successfully invested in more than 200 companies across various segments of the consumer goods industry, with cumulative investments exceeding $15 billion.

Reference Link:

https://www.tonal.com/

https://www.vcaonline.com/news/news.asp?ID=2019040401#.XKsWffkzbIV

https://techcrunch.com/2019/04/04/tonal-raises-45-million-to-bring-strength-training-to-more-living-rooms/

(Compiled by Yang Shaobo)