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- Tonal
Tonal Valuation, Funding & Investors
Tonal is valued at $575M as of April 2023.
Last Tonal valuation
$575M
Undisclosed stage · Apr 2023
Last Tonal funding round
$130M
Undisclosed stage · Apr 2023
Cumulative funding Tonal raised
$580M
across 7 funding rounds
Key investors in Tonal
Mayfield Fund
L Catterton
Sapphire Ventures
Shasta Ventures
Next Play Capital
Dragoneer
About Tonal
Tonal is a San Francisco-headquartered fitness company manufacturing wall-mounted smart home gyms. Its flagship Tonal device uses AI-driven digital weights up to 200 pounds of resistance, adapting workouts in real time. Users access personalized strength training programs for muscle building, strength balance, and athletic performance, plus live and on-demand classes led by expert coaches. Founded in 2015, Tonal integrates electromagnetic resistance technology with a touchscreen interface for form feedback and progress tracking across over 200 exercises.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales, Subscription
Valuation
$575M (Apr 2023)
Tonal Valuation
Tonal is currently valued at $575M, based on its undisclosed-stage round in April 2023.
The $130M round was led by Cobalt Capital, Dragoneer, Kindred Ventures, L Catterton and Transformational Healthcare, with participation from Team Builder Ventures.
Tonal's valuation has moved from $1.6B at its Series E in March 2021 to $575M in April 2023, across 2 priced rounds.
Tonal valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2023 | Undisclosed stage | $575M |
| Mar 2021 | Series E | $1.6B |
Tonal Funding History
Tonal has raised a total of $580M across 7 funding rounds.
Tonal's first fundraising round was a $3M seed round in October 2015. The most recent completed round was a $130M undisclosed-stage round in April 2023.
Tonal funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2023 | Undisclosed stage | Cobalt Capital (lead); Dragoneer (lead); Kindred Ventures (lead); L Catterton (lead); Transformational Healthcare (lead); Team Builder Ventures | $130M | $575M | Tonal Systems, headquartered in San Francisco and founded in 2015 by Aly Orady, develops a smart home gym system that uses AI, electromagnetic resistance for digital weights, and personalized coaching to enable full-body strength training in a compact wall-mounted unit. The platform tracks reps, adapts workouts, and measures progress in real-time, targeting users seeking customized home fitness solutions. During the pandemic, Tonal experienced rapid growth, achieving unicorn status with a $1.6 billion valuation in a $250 million Series E round in March 2021 led by Dragoneer Investment Group. In April 2023, Tonal raised $130 million in a new funding round from existing investors including L Catterton, Cobalt Capital, Dragoneer Investment Group, Kindred Ventures, and Transformational Healthcare (THVC), with the funds intended to strengthen the balance sheet, accelerate profitability, resolve inventory issues, and support growth amid a post-pandemic slowdown in connected fitness demand. The round coincided with a leadership transition, as President Krystal Zell became CEO, replacing founder Aly Orady who moved to Chief Technology Officer. Reports from The Wall Street Journal indicated a valuation of $550-600 million, a significant drop from the 2021 peak, and described it as potential 'cram-down' financing where existing stakes were diluted. Post-pandemic challenges hit Tonal hard, with consumers returning to in-person gyms, supply chain disruptions, and excess inventory, mirroring struggles at peers like Peloton. The company, which sells systems for around $3,995 plus subscriptions, had raised over $615 million total by this point, exceeding its reported current valuation. An IPO was deemed possible long-term but not imminent, and earlier sale talks with Peloton did not materialize. |
| Mar 2021 | Series E | Dragoneer (lead); Sue Bird; Larry Fitzgerald; Drew Brees; Mike Tyson; L Catterton; Maria Sharapova; Sapphire Ventures; Cobalt Capital; Skip Capital | $250M | $1.6B | Tonal, a San Francisco-based company founded in 2015, develops an AI-powered home fitness system featuring digital weights, full-body motion analysis, strength training, and expert-led coaching for connected, personalized at-home workouts. The company achieved unicorn status on March 31, 2021, with a $250 million oversubscribed Series E funding round led by Dragoneer Investment Group, valuing Tonal at $1.6 billion post-money. Participants included Cobalt Capital, L Catterton, Sapphire Ventures, and new athlete investors such as Drew Brees, Larry Fitzgerald, Maria Sharapova, Mike Tyson, and Sue Bird. The funding aimed to accelerate marketing and content initiatives, scale operations, invest in people, logistics, and manufacturing to meet surging demand fueled by the home fitness trend during the pandemic. Tonal reported explosive growth in 2020, positioning itself as a leader in intelligent strength training against competitors like Peloton. Dragoneer highlighted Tonal's superior hardware, engaging content, and rapid product improvements driven by strong execution. Post-round, Tonal continued raising capital, including a $130 million Series F in April 2023 from similar investors like Cobalt Capital, L Catterton, and Dragoneer, with total funding reaching over $500 million by then. Earlier rounds totaled about $155 million from backers including Sapphire Ventures. |
| Sep 2020 | Series D | Next Play Capital; Paul George; Amazon; Delta-v Capital; Bobby Wagner; L Catterton; Kyle Rudolph; Mousse Partners; 359 Capital; Mayfield Fund; Evolution Media; Michelle Wie | $110M | - | - |
| Apr 2019 | Series C | L Catterton (lead); Next Play Capital; Sapphire Ventures; Serena Ventures; Shasta Ventures; TechNexus Venture Collaborative; 359 Capital; Transform VC; Mayfield Fund; Evolution Media | $45M | - | Tonal, a San Francisco-based connected fitness company founded in 2015 by Aly Orady, develops an AI-powered wall-mounted strength-training system that uses electromagnetism to simulate weights, providing personalized on-demand video guidance, real-time feedback, and data-driven workouts to replace traditional gym equipment. The company launched its product in 2018 and positions itself as a leader in smart home strength training, competing in the growing connected fitness market alongside Peloton. On April 4, 2019, Tonal raised $45 million in a Series C funding round led by L Catterton's Growth Fund, with participation from Evolution Media, Shasta Ventures, Mayfield, Sapphire Ventures, Serena Ventures (backed by Serena Williams), 359 Capital, Next Play Capital, TechNexus Venture Collaborative, and Transform VC, bringing total funding to $90 million. L Catterton, the largest global consumer-focused private equity firm with over $15 billion in equity capital and investments in brands like Peloton and ClassPass, highlighted Tonal's innovative strength-training focus and growth potential in the shift toward personalized at-home fitness. Proceeds from the round were allocated to expand supply chain and distribution for a national rollout, enhance AI capabilities through hiring top engineering talent, boost retail and marketing via pop-up events and partnerships, and grow the team from 105 employees (up from 45 the prior year) in areas like hardware, software, design, video production, and marketing. The funding reflects investor enthusiasm for connected fitness hardware amid rising demand for convenient, tech-enabled home workouts, with Tonal differentiating through strength-specific features unavailable in traditional gyms. |
| Jun 2018 | Series B | Firebolt Ventures; WISE Ventures; M13; Tim Kendall; Sapphire Ventures; Shasta Ventures; TechNexus Venture Collaborative; Mayfield Fund; Bolt | $30M | - | Tonal is a San Francisco-based fitness technology company founded in 2015 by Aly Orady, offering an AI-powered strength training system with digital weights, personalized coaching, and real-time feedback for home use. In March 2021, Tonal raised $250 million in an oversubscribed Series E led by Dragoneer Investment Group at a $1.6 billion valuation, with participation from Cobalt Capital, L Catterton, Sapphire Ventures, and athletes like Drew Brees, Maria Sharapova, Mike Tyson, and Sue Bird, pushing total funding over $450 million. This round supported marketing, operations scaling, and meeting demand amid the home fitness boom. Subsequent developments include a planned $100 million raise at $1.9 billion valuation reported in 2022 and a $130 million Series E extension in April 2023 from Cobalt Capital, Dragoneer, Kindred Ventures, L Catterton, and THVC at $550-600 million valuation, reflecting a down round. |
| Oct 2016 | Series A | Shasta Ventures (lead); Next Play Capital; Rick Marini | $12M | - | Tonal raised a $12 million Series A funding round on October 1, 2016, from Next Play Capital, Rick Marini, and Shasta Ventures. The San Francisco-based company, founded in 2015 by Aly Orady, develops a wall-mounted all-in-one home gym focused on connected strength training powered by artificial intelligence. This round contributed to Tonal's early funding stages prior to later rounds totaling over $495 million. |
| Oct 2015 | Seed | Mayfield Fund (lead); Rick Marini; Upside Partnership; Bolt | $3M | - | - |
Who has invested in Tonal?
35 investors have backed Tonal across its funding rounds, including Mayfield Fund, L Catterton, Sapphire Ventures, Shasta Ventures, Next Play Capital and Dragoneer.
Lead investors include Cobalt Capital, Dragoneer, Kindred Ventures, L Catterton, Transformational Healthcare and 2 other investors.
Tonal Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Apr 2019 | ||
| 4 | Lead | Oct 2015 | ||
| 3 | Participant | Oct 2016 | ||
| 3 | Participant | Jun 2018 | ||
| 3 | Lead | Oct 2016 | ||
| 2 | Lead | Mar 2021 | ||
| 2 | Participant | Oct 2015 | ||
| 2 | Participant | Jun 2018 | ||
| 2 | Lead | Mar 2021 | ||
| 2 | Participant | Apr 2019 | ||
| 2 | Participant | Apr 2019 | ||
| 2 | Participant | Oct 2015 | ||
| 1 | Participant | Mar 2021 | ||
This data is available for Pro users. Sign up to see all 35 Tonal investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialTonal Competitors
Tonal competitors include listed companies like Sleep Cycle, Weight Watchers and Keep Inc., and private ones like FightCamp, Miaoshou Doctor and Zwift.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $24M | $7M | $44M | 1.5x | ||
| Publicly listed | $786M | ($198M) | $160M | 0.7x | ||
| Publicly listed | $244M | ($8M) | $82M | - | ||
| Private | - | - | $420M | - | ||
| Private | - | - | $1B | - | ||
| Private | $103M | - | $1B | - |
Tonal Public Comps
Tonal is still privately-owned, but its public comps include VNG Corp., Hello Group, Truecaller, Sportsoul, Shua Fitness, Bumble, Kurashiru, Yalla Group, Dear U and Escalade.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $420M | $23M | 1.4x | - | 25.5x | - | |||
| $1.5B | $215M | - | - | - | - | |||
| $195M | $61M | 3.2x | 3.4x | 10.2x | 11.8x | |||
| $68M | ($4M) | 4.8x | 4.5x | (88.7x) | - | |||
| $234M | $26M | 3.1x | 2.8x | 27.9x | 21.1x | |||
| $966M | ($793M) | 0.8x | 0.9x | (1.0x) | 2.9x | |||
| $109M | $24M | 2.5x | 2.2x | 11.5x | 11.4x | |||
| $342M | $128M | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Tonal competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tonal
| When was Tonal founded? | Tonal was founded in 2015. |
| Where is Tonal headquartered? | Tonal is headquartered in San Francisco, CA, United States. |
| Is Tonal publicly listed? | No, Tonal is a private, VC-backed company. |
| What is Tonal's valuation? | Tonal was last valued at $575M in its undisclosed-stage round in April 2023. |
| How much funding has Tonal raised? | Tonal has raised $580M across 7 funding rounds. |
| What was Tonal's last funding round? | Tonal's last funding round was a $130M undisclosed-stage round in April 2023, led by Cobalt Capital, Dragoneer, Kindred Ventures, L Catterton and 1 other investor. |
| Who are Tonal's investors? | Tonal's investors include L Catterton, Mayfield Fund, Next Play Capital, Sapphire Ventures, Shasta Ventures, Dragoneer, Rick Marini, TechNexus Venture Collaborative, Cobalt Capital, 359 Capital and 25 others. |
| Which companies are comparable to Tonal? | Companies comparable to Tonal include Sleep Cycle, Weight Watchers, Keep Inc., FightCamp, Miaoshou Doctor and Zwift. |
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