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Pioneering the Fitness Landscape: Tonal Raises $250 Million in Series E Funding

Tonal continues to go from strength to strength and surpasses unicorn status by raising $250 million in funding at a $1.6 billion valuation.

cropped black Tonal on a black screen with the Tonal logo and the following text: Raises $250M in funding at $1.6B valuation
  • Tonal has surpassed unicorn status with $250 million in our latest round of funding!
  • Lead investors for this round include Dragoneer, with participation by Cobalt Capital and existing investors, including L Catterton and Sapphire Ventures.
  • New athlete investors Drew Brees, Larry Fitzgerald, Maria Sharapova, Mike Tyson, and Sue Bird will also join the Tonal community. 

Tonal, the smartest home gym, continues to go from strength to strength. We’ve now secured a Series E funding of $250 million at a valuation of $1.6 billion, and that means Tonal is now a unicorn-status company. 

This is a pivotal moment for everyone who is part of our community. After seeing explosive growth in 2020, this capital will help us further invest in marketing and content initiatives while allowing us to scale operations and deliver Tonals to more people faster.

Tonal paved the path to unicorn status with a pioneering approach to connected strength training and intelligent fitness. With our revolutionary digital weight, artificial intelligence, and expert-led coaching, Tonal’s mission has always been to help more people feel their strongest and lead a healthier life. 

This latest round of financing has been led by Dragoneer — a growth-oriented investment firm with an eye for industry leaders — alongside participation from Cobalt Capital and existing investors including L Catterton and Sapphire Ventures, and several new athlete backers. 

We’re thrilled to share that Drew Brees, Larry Fitzgerald, Maria Sharapova, Mike Tyson, and Sue Bird will be part of the Tonal community. They are joining professional athlete investors like Serena Williams, Stephen Curry, Paul George, and professional golfer Michelle Wie.

The Tonal executive team is also growing — we recently brought on Chief Operations Officer Shannon Crespin, Chief Technology Officer Bryan James, and Chief Strategy Officer Gregory de Gunzburg. Crespin brings more than 25 years of experience in operations. James previously worked in top product organizations including Google, Nest, Apple, and Tivo, and de Gunzburg led NBC’s development and launch of streaming service Peacock. 

Nina Richardson and Jack Lazar, both GoPro alumni, also recently joined Tonal’s Board of Directors. 

Read the full press release here.

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