Tonal raises $110 million from athletes like Stephen Curry and Serena Williams

Tonal is becoming a popular choice for connected strength workouts, and some even consider it a ‘sibling’ to Peloton as it offers a similar experience (live classes, workout programs, etc.) while just focusing on strength training. Today, Tonal has announced they have raised $110 million from a group of investors that includes NBA star Stephen Curry, tennis legend Serena Williams, and former NFL player Tony Gonzalez.

“As the first mover in connected strength training, it has been incredible to see the momentum we’ve had in the two years since introducing Tonal to the world,” said Orady. “Month over month, we’ve consistently seen record-breaking sales and member engagement fueling one of the most passionate fitness communities ever.”

Tonal sales are up 12x at this point in 2020 vs 2019. This announcement comes on the heels of Peloton’s blowout quarter where sales were up 127% in the middle of the COVID-19 pandemic. Tonal is an all in one solution for strength training.

CTW’s Take

There’s a lot to like about Tonal’s product, and they have a passionate fan base that’s similar to Peloton. But one challenge I see with their product is that it’s a much more permanent fixture in a home compared to a Peloton Bike or a JAXJOX InteractiveStudio. If you need to rearrange a room, move it to another room, or transport it when your lease is up, it’s a bigger challenge to relocate and reinstall.

Peloton CEO John Foley has previously said that “we must win strength” in order to win at fitness, but was dismissive of products like Tonal and Mirror and mentioned he likes to use free weights. Peloton sells ‘dumb’ dumbbells to use with their strength classes, so it will be interesting to see its product strategy in the long term. A recent job posting from Peloton indicates they have larger ambitions in strength than just non-connected dumbbells with video content, though.