Tonal builds a connected weight‑training system and content for the at‑home fitness market. The company shifted away from rapid growth toward a measured path to profitability after pandemic‑era expansion. It laid off roughly 35% of staff (headcount then reported around 750) and worked through excess inventory and supply‑chain challenges. Tonal has narrowed marketing to bottom‑of‑funnel performance and is considering adjustments to its product roadmap and expanded brick‑and‑mortar retail presence; its system is currently available in five stores and some Nordstrom locations for demos. Founder Aly Orady moved from CEO to CTO and president Krystal Zell was promoted to CEO; Zell says the company is “really close” to adjusted EBITDA profitability after nine months of difficult choices. The company does not disclose manufacturing locations or the valuation for the new raise. Tonal builds an all-in-one smart home strength-training system that uses digital weights and streamed classes to replicate gym weight stations. Founded in March 2015 by Orady and headquartered in San Francisco, the company saw sales grow 800% from December 2019 to December 2020. Tonal has faced delivery delays of 10–12 weeks and has been ramping production, increasing headcount and air-shipping devices from Taiwan to the U.S. The company plans to spend its new capital on marketing and brand awareness, expand its catalog of streamed fitness classes, and scale operations and its supply chain. Tonal has also expanded its physical presence via a Nordstrom partnership (at least 40 locations) and expects 60 physical locations by the end of 2021. Management additions include a new COO, Chief Strategy Officer and CTO to support growth; leadership says an IPO is a long-term goal but offered no timeline. Tonal builds a connected home strength-training system that pairs a reflective display with resistance technology to approximate dumbbell- and barbell-style workouts. The company differentiates itself by focusing on strength training rather than only cardio or mirror-style fitness devices. Tonal has pursued partnerships and trials, including work with the Mayo Clinic on physical therapy studies with results expected early next year, and deployments at hotels and resorts such as Andaz Scottsdale, the Waldorf Astoria Boca Raton, and JW Marriott Anaheim. The product has attracted athlete investors and ambassadors who cite its use during COVID-19 lockdowns. The home-fitness market is increasingly crowded (notably Lululemon’s $500M acquisition of Mirror), but investor interest remains strong amid pandemic-driven demand. The company is Bay Area–based and has raised significant outside capital to scale distribution and trials. Tonal produces a wall-mounted strength-training machine that uses electromagnetism to simulate and control weight and delivers on-demand training through a connected software platform. The machine retails for $2,995 and the company offers a $49/month membership for personal training sessions, recommended programs and workouts. Since launching its product in 2018, Tonal reports virtually no returns and says customer care proactively works with members to ensure satisfaction. The company says the majority of customers are aged 30–55, evenly split by gender, and live in or near the top 10 U.S. metro markets. Tonal plans to expand software personalization, build new workout categories and enable fitness experiences when users travel. It is also expanding marketing and retail presence (currently a flagship San Francisco store and an upcoming Newport Beach pop-up) and hiring across hardware, software, design, video production and marketing. Tonal sells a wall-mounted strength-training system that uses electromagnetism to simulate and control weight and applies machine learning to adjust resistance. The device includes a built-in personal trainer and programming available for a $49/month membership. Tonal determines a user’s baseline strength with a 10-minute test and continuously monitors rep quality to dynamically adjust resistance during workouts. The unit mounts to your wall and retails for $2,995. CEO and founder Aly Orady demonstrated the product at Tonal’s San Francisco headquarters. The company positions itself alongside connected-home fitness startups like Peloton and Mirror.

Total raised

$535M

Funding rounds

5

Latest round

Equity

Latest activity

Apr 2023