Venture Capital: Tonal, The Smart Home Gym Startup, Taps $110M
Fitness-at-home companies are witnessing boom times following the COVID-19 pandemic.
Tonal, a startup that makes compact, AI-powered, wall-mounted home fitness equipment, announced Thursday its raise of $110 million. Returning investors L Catterton, Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media, and THVC, participated in the round along with new investors Delta-v Capital, the Amazon Alexa Fund, and Mousse Partners. (PYMNTS.com)
The recent funding brings Tonal’s total funding to $ 200 million. Its investors include athletes such as Stephen Curry, Paul George, Rudy Gay, Bobby Wagner, Kyle Rudolph, and Michelle Wie.
According to data from eBay, cited by Venturebeat, home gym sales jumped 20X between March and April this year.
The NPD group confirmed the huge interest in gymming equipment. It reported that fitness equipment sales surged to 130% year over year in March alone.
For Tonal, sales are up 12 times year over year.
Smart, AI-powered home equipment
Tonal says its products in connected strength training combine innovative equipment that leverages digital weight with advanced AI software.
“Unlike traditional dumbbells and barbells, we are moving the industry forward with adaptive resistance technology that learns from you for the most personalized and effective full-body workout,” said Tonal CEO Aly Orady in a blog post.
It’s patented digital weight system makes thousands of calculations every second to deliver a smooth weightlifting experience using an electric motor to provide resistance. It eliminates traditional metal weights but can deliver 200 pounds of resistance in a device as compact as a flatscreen TV.
The pandemic has already brought the office into the home. Gyms are a natural progression from that.
Smaller is better for home fitness enthusiasts. Tonal’s wall-mounted gym may therefore be just what the instructor ordered.
Use of funds
Tonal will use the funding to expand its marketing, scale up its supply chain, and add new software features to its equipment.
It also intends to roll out a wider breadth of workout categories in the coming months.
Related Story: Indoor Fitness App Maker Zwift Snags $450M
Images: Tonal website
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