Tonal Announces $45 Million Series C Funding Led By L Catterton's Growth Fund

SAN FRANCISCO and GREENWICH, Conn., April 4, 2019 /PRNewswire/ -- Tonal, the world's most-intelligent fitness system, today announced a $45 million Series C fundraising round led by the Growth Fund of L Catterton, the largest and most global consumer-focused private equity firm (which has invested in Peloton, ThirdLove, ClassPass, The Honest Company). The fundraising also included new participation from Evolution Media (which has invested in MasterClass, Calm, The Athletic) and support from existing investors Shasta Ventures (which has invested in Nest), Mayfield (which has invested in Lyft, Classpass, Poshmark), Sapphire Ventures (which has invested in 23andMe, Fitbit, LinkedIn, Square), Serena Williams via Serena Ventures, and more. This round will bring the total capital raised to $90 million.

Tonal is disrupting the connected-fitness category by establishing the only on-demand personalized strength-training system, and the recent funding will fuel the company's growth after its recent expansion of delivery to all 48 contiguous states. "There is nothing like Tonal on the market today. We are the first AI-powered connected strength company," said Aly Orady, Founder and CEO of Tonal. "Our mission is to create the first truly personalized fitness concept by delivering smart on-demand video guidance, actionable data and real-time feedback through one beautiful product in the comfort of your own home. We want to make everyone stronger and healthier."

Tonal uses intelligent technology, expert coaching, and personalized guidance to help any Tonal member be his or her strongest. It's like having an entire gym and personal trainer in your home. The system's electromagnetic resistance creates digital weight, which allows people to do every leg, arm, shoulder, back, core, and chest exercise with one compact piece of equipment. Tonal monitors the quality of every rep, adapts guidance, and measures your progress in real-time to take the guesswork out of strength training. It's the first fitness system to offer the kind of personalized, science-based training that's typically reserved for professional athletes and celebrities.

"As the fitness landscape continues to evolve, we have seen a clear shift toward personalized, content-driven, at-home workout experiences," said Scott Dahnke, Global Co-CEO of L Catterton. "Tonal is the first connected fitness brand focused on strength training and represents an opportunity to invest behind an innovative concept with tremendous growth potential. We look forward to leveraging our deep knowledge of consumer behavior and significant experience in the connected fitness space to bring Tonal's dynamic technology and content platform to more homes across the country."

"There's nothing more important in life than health, and the most exciting aspect of my investment in Tonal was not just the opportunity to help grow the next great connected fitness brand, but the opportunity to help people get stronger, healthier and live better lives," said Serena Williams, Serena Ventures.

This capital will position Tonal to further invest in its supply chain, distribution, and AI talent as well as in recruiting and operational efforts, focusing on the following key areas:

• Personalized Software Experiences: Tonal will continue its efforts to pioneer its intelligent digital strength technology and is developing new personalized software experiences that motivate, provide real-time feedback, and track progress over time to help users achieve their fitness goals.
• New Content Modalities: Tonal will expand its video content platform to include new workout categories and additional fitness experiences.
• Retail & Marketing Investment: Tonal will further increase sales and marketing activities nationwide by amplifying Tonal's message through retail and pop-up events.
• Recruiting & Operations Expansion: Tonal will make investments in key new team member hires, including top-tier AI engineering, programming, and cloud computing talent in order to build on Tonal's team of more than 100 engineers, coaches, product-development experts, operations, and marketing specialists.

Founded in 2015 by serial entrepreneur Aly Orady, Tonal is disrupting the $50 billion U.S. fitness category by establishing the only on-demand personalized strength-training system. Recognizing the white space within the connected-fitness category, Tonal is known for their in-home strength-training focus in an easy-to-install package.

For more information and updates please visit www.Tonal.com. See the Tonal experience in action HERE.

About Tonal
Tonal is the world's most intelligent fitness system and the first truly personalized approach to strength training. Tonal enables people to lead healthier lives by providing them with the technology, guidance, and community support to effectively reach their fitness goals. Led by Aly Orady, a supercomputer engineer, the company makes strength training accessible to all. Combining cutting-edge, all-in-one equipment and personalized video guidance, it's like having an entire gym and personal trainer, on demand, in the convenience of your own home. Tonal is backed by leading venture capital firms and investors in health and fitness. The company is headquartered in San Francisco.

About L Catterton
With over $15 billion of equity capital across six fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm. L Catterton's team of more than 150 investment and operating professionals partner with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH and Groupe Arnault. For more information about L Catterton, please visit lcatterton.com.

SOURCE Tonal