Digital fitness startup Tonal bags $250 million funding
Tonal, the digital gym-on-a-wall startup, has bagged $250 million in its latest round of funding, valuing the company at $1.6 billion.
Tonal CEO, Aly Orady said that as the pandemic has forced the people to work out at home so last year the company’s revenue jumped eight times the level of 2019.
At-home-fitness plays on the stock market have been hit on concern the COVID-19 vaccine rollouts and re-opening of gyms could hurt their prospects.
Peloton Interactive Inc dropped close to 40% from its high in January, and Nautilus Inc lost about 50% from mid-February levels.
“My sense is that the market is over-reacting to reopening,” said Orady, adding that Tonal’s sales momentum is holding up even with the vaccine rollouts. “We don’t believe that people were switching to at-home-fitness temporarily during COVID and intended to go to gyms. It’s accelerated a shift in people’s mindset toward working out at home,” he told a news source.
Orady struggled with his own weight problem, Type 2 diabetes and sleep apnea and he quit his job in 2013. He dropped 70 pounds and started strength training at the gym when he had the idea for Tonal - to pack massive gym equipment into a compact wall hanging.
The $3,000 mirror-like box streams video coaching and adjusts its weights according to the person using it to work out. The video coaching requires a monthly subscription.
Tonal said the latest round, led by Dragoneer Investment Group, an investor in Airbnb, DoorDash and Peloton, brings the total raised to $450 million.
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