Expect home workouts to trend more as Tonal raises another $45 million

Published on April 8, 2019

Fitness enthusiasts will run out of excuses for not being able to work out with this news: Tonal just raised $45 million to bring its system to more homes.

The company combines “revolutionary equipment” into one. The wall-mounted equipment uses electromagnetism to simulate and control weight.

Silicon Valley engineer and serial entrepreneur Aly Orady founded Tonal 2015. He came up with the idea after struggling with his own weight since childhood.

He launched Tonal in an effort to help busy people like him stay in shape.

Tonal gets big funding

Connecticut-based investment firm L Catterton led the $45 million series C round. Companies such Evolution Media, Shasta Ventures, Mayfield, and Sapphire Sport invested as well.

Orady is excited about L Catterton’s participation in this financing round. He said their deep network and unparalleled experience is an “incredibly exciting new resource for the company.”

L Catterton Global Co-CEO Scott Dahnke explains that Tonal represents an opportunity. Dahnke added that the company is looking forward to leveraging its expertise to bring the system to more homes.

Orady said majority of the company’s customers are between 30 and 55 years old. These customers come from the top ten major metro US markets.

“There’s an even split between male and female members,” Orady said.

Similar programs

Tonal shares a market with Peloton, an exercise bike. Orady said a number of Tonal owners also own Peloton equipment.

He was quick to point out the difference between the two equipments. Peloton focuses on cardiovascular training while Tonal focuses on strength training.

Tonal is also similar to Mirror, another wall-mounted exercise device. Mirror focuses on yoga, boxing, Pilates, and other exercises.

“The common thread with our members is that they understand the value of investing in their fitness and overall health,” Orady said.

Tonal’s system

Tonal’s strength-training machine is around the size of a thick HDTV. It also has add-ons such as a rope, a bench, mats, and rollers.

The machine costs $2,995. The company also offers members access to personal training sessions, recommended programs and workouts for $49 a month .

Orady said that since its launch, there have been virtually no returns. The company’s customer service has proactively worked with members to ensure a good experience.

Room for growth

With the latest “series C” round behind it, Tonal has raised $90 million in total. The company intends to use the latest funding to add personalized features and invest in marketing and retail experiences.

It plans to expand its software to provide new personalized features to its members moving forward. It hopes to build new categories for when users do not have access to their machine.

The company sees it expanding its retail and marketing presence. It has been in the market for eight months but customers still have very limited access to try the machine.

The only display Tonal has is at its flagship store in San Francisco. A pop-up store is soon to open in Newport Beach, California.

The company also looks to use the latest funding to fill in needs for staffing. It is currently looking to hire experts in hardware, software, design, video production, and marketing.

Jaime Aldecoa is a staff writer at Grit Daily. He is an avid traveler, YouTube vlogger, and podcast host. He holds a degree in Mass Communication.

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