Has Tonal Reached $ 1.6 Billion Valuation?

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Ella Jones, Deputy Editor In Chief

Date: 05.04.2021

The at-home fitness start-up Tonal said Wednesday it has raised an additional $250 million in funding, valuing the business at $1.6 billion.

That brings Tonal’s total funding to $450 million. Participants in the Series E round include the investment firm Dragoneer, which led the round, along with Cobalt Capital, L Catterton and Sapphire Ventures.

The company said it plans to use the fresh capital to accelerate its marketing efforts, to open more brick-and-mortar stores, and to invest in logistics and manufacturing to meet what it says is unprecedented demand. The funding also brings Tonal one step closer to an initial public offering, according to its CEO, who declined to offer a firm timeline on when that might take place.

“The first piece of this is really scaling the business and being able to capture all the demand that we have, and preparing the company for an IPO,” Chief Executive Officer Aly Orady said. “There’s still a lot of growth ahead of us, and that’s going to require us to deploy money into different marketing channels, including of course retail.”

Other prior Tonal investors include Amazon’s Alexa Fund, tennis star Serena Williams and Golden State Warriors’ Stephen Curry.

by Ella Jones | Linkedin

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