How Much Did Tonal Raise? Funding & Key Investors

Date
March 31, 2025
Tonal

Total amount raised

$580 Millions

Latest funding date

4/1/2023

Tonal

Location

Title

LINKEDIN

https://www.crunchbase.com/organization/tonal/financial_details
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Tonal has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company offers a smart home gym that leverages artificial intelligence and expert-led coaching for strength training.

Keep reading to explore the intricacies of Tonal's fundraising journey and the investors backing this innovative platform.

What Is Tonal?

Tonal, founded in 2015 by Aly Orady, is headquartered in San Francisco, California. The company specializes in smart home gym equipment that leverages artificial intelligence and expert-led coaching for strength training.

With over 10,000 employees, Tonal offers a comprehensive fitness solution that includes personalized workouts, real-time resistance adjustments, and progress tracking. Their innovative system is designed to provide the convenience of a full gym and the expertise of a personal trainer in one sleek package.

For more information, you can visit their official website or check out their Crunchbase profile.

How Much Funding Has Tonal Raised?

  1. Seed Round
    • Amount Raised: $3M
    • Date: October 2015
    • Lead Investors: Mayfield Fund
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To develop the initial prototype and launch the product.
  2. Series A
    • Amount Raised: $12M
    • Date: October 2016
    • Lead Investors: Shasta Ventures
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To scale production and expand the team.
  3. Series B
    • Amount Raised: $30M
    • Date: June 2018
    • Lead Investors: Not publicly disclosed
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To enhance product features and increase market penetration.
  4. Series C
    • Amount Raised: $45M
    • Date: April 2019
    • Lead Investors: L Catterton
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To expand marketing efforts and grow the customer base.
  5. Series D
    • Amount Raised: $110M
    • Date: September 2020
    • Lead Investors: Not publicly disclosed
    • Valuation at Round: Not publicly disclosed
    • Motivation Behind the Round: To accelerate growth and enhance technological capabilities.
  6. Series E
    • Amount Raised: $250M
    • Date: March 2021
    • Lead Investors: Dragoneer Investment Group
    • Valuation at Round: $1.6 billion
    • Motivation Behind the Round: To expand internationally and develop new product lines.
  7. Venture Round
    • Amount Raised: $130M
    • Date: April 2023
    • Lead Investors: Cobalt Capital, Dragoneer Investment Group, Kindred Ventures, L Catterton, Transformational Healthcare
    • Valuation at Round: $550 million - $600 million
    • Motivation Behind the Round: To strengthen the balance sheet, work towards profitability, and drive growth.

Total Amount Raised: $580M. Current Valuation: $550 million - $600 million.

Key Investors

  • L Catterton
    • Details: L Catterton is a leading global consumer-focused private equity firm. They have a strong track record of investing in high-growth consumer brands.
    • Investment Focus Areas: Consumer brands, retail, health and wellness, consumer products.
    • Notable Investments: Peloton, ClassPass, Equinox.
  • Dragoneer Investment Group
    • Details: Dragoneer is a growth-oriented investment firm that focuses on long-term investments in technology-enabled businesses. They have a reputation for backing market leaders.
    • Investment Focus Areas: Technology, consumer internet, software, financial services.
    • Notable Investments: Airbnb, DoorDash, Spotify.
  • Kindred Ventures
    • Details: Kindred Ventures is an early-stage venture capital firm. They are known for their hands-on approach in helping startups grow.
    • Investment Focus Areas: Technology, consumer products, enterprise, healthcare.
    • Notable Investments: Uber, Coinbase, Blue Bottle Coffee.
  • Cobalt Capital
    • Details: Cobalt Capital is a venture capital firm. They focus on investing in innovative startups with high growth potential.
    • Investment Focus Areas: Technology, innovative startups.
    • Notable Investments: Not publicly disclosed.
  • Transformational Healthcare (THVC)
    • Details: THVC is a venture capital firm. They focus on early to growth-stage technology companies.
    • Investment Focus Areas: Not publicly disclosed.
    • Notable Investments: Not publicly disclosed.

What's Next for Tonal?

Tonal's future is brimming with opportunities, particularly in expanding its product offerings and deepening member engagement. With a recent $130 million funding round, the company is well-positioned to enhance its technological capabilities and broaden its market reach. The appointment of Krystal Zell as CEO, with her customer-centric approach, is expected to drive significant growth and profitability.

Future fundraising opportunities seem promising, especially if Tonal can demonstrate sustained growth and profitability. The company might attract additional investments or even consider an IPO. However, challenges such as intense competition and maintaining high engagement rates in a post-pandemic market could pose hurdles. Navigating these challenges will be crucial for Tonal's continued success.

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