Tonal, a San Francisco, CA-based strength and personal training platform that combines proprietary digital weight, artificial intelligence, and expert-led coaching, raised $250m in Series E funding, at a valuation of $1.6 billion.
The round, which brought total funding raised to date to over $450M, was led by Dragoneer, with participation from Cobalt Capital, new athlete investors Drew Brees, Larry Fitzgerald, Maria Sharapova, Mike Tyson, and Sue Bird, and existing investors L Catterton and Sapphire Ventures.
The company intends to use the funds to further accelerate marketing and content initiatives, while scaling the business and operations by investing in people, logistics, and manufacturing.
Led by Aly Orady, CEO, Tonal is an intelligent home gym which provides people with equipment, technology, and guidance to reach their fitness goals. By using a proprietary digital weight system instead of metal weights, Tonal can generate 200 pounds of resistance and replicate every machine in the weight room with a fraction of the equipment. The company leverages A.I. to dynamically adjust the weights for each exercise in real-time for the most effective workout.
In 2020, sales grew more than 8x and the company recently announced a nationwide partnership with Nordstrom across 40 locations, expanding its retail presence to 60 points of distribution.
In addition to increased staffing across the organization, Tonal has recently made a number of key executive hires that include:
- Chief Operations Officer Shannon Crespin – a former Johnson & Johnson executive, Ms. Crespin will be responsible for leading the company through scaling and achieving operational excellence.
- Chief Strategy Officer Gregory de Gunzburg – former Head of Corporate Strategy and Development for NBCUniversal, where he led the launch of Peacock, Mr. de Gunzburg will oversee Tonal’s strategic operations and business development functions.
- Chief Technology Officer Bryan James – with more than two decades of leadership experience at Google, Nest, Apple, and TiVo, Mr. James will lead Tonal’s software and hardware engineering organizations.
The company also recently added Nina Richardson and Jack Lazar to its Board of Directors.