Gyms across the country are still closed or operating with capacity restrictions. While that means bad news for people’s waistlines, it’s been a boon for the at-home fitness industry. SF-based fitness startup Tonal is no exception.
On Thursday, Tonal announced that it raised $110 million in new capital. Several VC firms participated in the funding round, including L Catterton, Sapphire Sport, Shasta Ventures, the Amazon Alexa Fund and more. A handful of professional athletes also participated in the funding, including NBA players Steph Curry and Paul George, as well as pro golfer Michelle Wie. These individuals join Tonal’s existing athlete investors, including Serena Williams, Klay Thompson and Tony Gonzalez.
“I’ve had a Tonal for almost two years,” Stephen Curry said in a statement. “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 has created an at-home strength training machine that uses a digital weight system to generate up to 200 pounds of resistance. The machine comes with a screen that can display workouts and exercise routines, essentially acting like a digital personal trainer. On top of that, it can track your progress and use AI to adjust weight or help you level up.
The company was founded in 2015, but its flagship product didn’t hit shelves until 2018. Tonal saw a successful first year in the market, but demand for its product exploded in 2020 — with sales increasing more than 12x over the previous year. The company also launched new office locations in Los Angeles and Toronto.
It’s currently hiring for roles across its design and hardware teams in SF.
Tonal plans to use this new capital to speed up its logistics and supply chain in order to meet increased demand. It’s also investing in marketing and developing new software features. Right now, Tonal has several partnerships in the works, including its partnership with Mayo Clinic to use its machine for physical therapy applications, as well as partnerships with several hotels to put the machine in hotel fitness centers.
