Connected home fitness startup Tonal announced today that it has raised an additional $110 million. The latest round of funding includes existing investor L Catterton and new names, including Delta-v Capital, Amazon’s Alexa Fund and Mousse Partners, along with athletes Stephen Curry, Paul George, Michelle Wie and Bobby Wagner. The round brings the Bay Area-based company’s total funding up to $200 million.
It’s a pretty massive round for the strength training company, especially as the space has become increasingly crowded in recent years. It’s clear, however, that investors are eager to get on-board with technologies that can help approximate the gym experience at home, as the COVID-19 pandemic has shut down public workout facilities all over the world.
Even as some have begun to reopen, many have done so with limited capacity. And many members are practicing abundance of caution when it comes to returning to gyms. There is, after, all a high risk factor of spread. Given that fact, the home workout it likely to continue to see growth in the coming months and year. There’s also the fact that Lululemon recently acquired Mirror, arguably Tonal’s biggest name competitor for $500 million.
What sets Tonal apart from much of the competition, however, is a strength training element in addition to the reflective screen. The system utilizes resistance technologies to approximate more traditional dumbbell/barbell-based weight training.
Here’s Curry explaining why he’s a fan: “I’ve had a Tonal for almost two years. 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.”
Tonal also used the occasion to note that it has begun working with the Mayo Clinic for physical therapy trials, with results expected to be posted early next near. It’s also working with a number of hotels/resorts, including Andaz Scottsdale Resort & Bungalows, the Waldorf Astoria Boca Raton Resort and Club and the JW Marriott Anaheim.