San Francisco-based fitness tech company Tonal announced Wednesday that it raised $250 million in an oversubscribed Series E round led by Dragoneer. The new funding cements the company’s unicorn status with a valuation of $1.6 billion.
Last year, home fitness apps and accompanying technology soared in terms of growth and Tonal is no exception. The company’s sales grew eightfold in addition to increased member engagement and retention rates.
“Our growth over the last year underscores the changing fitness landscape. People want smarter, more connected ways to work out,” Aly Orady, CEO of Tonal, said in a statement.
Tonal’s AI-powered fitness offering provides users with personalized training guidance. Its at-home workout system features digital weights of up to 200 pounds, touchscreen capabilities and adjustable arms for trainees of any height. Tonal’s system also syncs with Apple Music so that users can throw on their favorite playlist while they complete their daily dose of cardio.
Tonal will use the additional capital to accelerate its marketing and content initiatives as well as expand its manufacturing capacity. The company recently announced a partnership with Nordstrom that will expand its retail footprint to 40 storefronts nationwide.
Tonal also plans to expand its team as it continues to scale. The company is now hiring for dozens of open roles across its engineering, operations and project management teams.
A dizzying array of professional athletes took part in the latest financing round including Drew Brees, Maria Sharapova, Larry Fitzgerald, Mike Tyson and Sue Bird.
“Since retiring from tennis, Tonal has become a major part of my fitness routine — especially spending more time at home this year, as we all have,” Sharapova said in a statement.
Tonal has raised over $450 million in venture capital financing to date, according to the company.
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