SAN FRANCISCO–(BUSINESS WIRE)–Tonal, the most advanced strength and personal training platform that combines proprietary digital weight, artificial intelligence, and expert-led coaching, today announced that it successfully completed its latest funding round, raising $130M in new capital through existing investors, led by L Catterton, Cobalt, Dragoneer, Kindred Ventures and THVC. The funding comes as part of a broader recapitalization strategy to further strengthen the Company’s balance sheet, accelerate profitability, and drive growth to better serve the Tonal community for years to come.
Effective today, Krystal Zell will assume the position of Chief Executive Officer (CEO) of Tonal, succeeding the Company’s founder, Aly Orady, who will transition to the new role of Chief Technology Officer. Zell joined Tonal in July 2022 as President of the Company, bringing with her more than 20 years of experience driving customer-centered growth at leading companies within the retail and hospitality industries, including The Home Depot and Starwood Hotels & Resorts Worldwide, Inc. Building on Tonal’s founding spirit of innovation and commitment to continuous improvement, Zell and Orady will work closely together to drive forward the technology that enables Tonal’s community.
“I’m honored to be stepping into this new role during such an important inflection point in Tonal’s journey, and to steer Tonal into its next stage of growth with a reinvigorated member-first mindset. With a robust financial foundation in place, the deep engagement of our members, and partnerships with our vendors, we look to the future with a clear line of focus on serving our members, deepening member engagement, and strengthening member loyalty,” said Zell. “Tonal was built on a legacy of amplifying the strength that exists in everyone, and I’m excited to help Tonal deliver on that ambitious mission with the continued support of our dedicated team of employees and enthusiastic investors.”
Orady said, “This is an exciting moment for Tonal, our members, and our team. As we embark upon this next stage of our journey, I am filled with confidence as I hand the reins over to Krystal. A proven executive at scale, Krystal is an exceptional collaborator and fierce advocate for our members, who is always putting customers at the center of our business. I look forward to continuing our partnership as I focus on the next phase of technology and product development.”
Jon Owsley, Managing Partner at L Catterton’s Growth Fund, on behalf of the investor group, said, “We are passionate about the long-term opportunity for connected fitness to transform the consumer’s health journey and we believe Tonal is truly unique in its ability to deliver an incredibly engaging technology-enabled personalized strength training experience easily accessible in the home. We look forward to continuing to support Tonal and are excited about the deep experience Krystal brings to the leadership team as Tonal builds on its current foundation and drives forward into the future.”
Since its inception in 2015, Tonal has been transforming the fitness industry with intelligent features including adaptive digital weight that learns from the user for a more personalized, full-body workout. Through a dedicated and growing user base, Tonal has reached some of the highest engagement rates in the industry.
Tonal is the most intelligent home gym and the first truly personalized approach to strength training. Tonal enables people to lead healthier lives by providing them with the equipment, technology, and guidance to effectively reach their fitness goals. A full-body strength assessment automatically sets the optimal weight for every move, and adaptive digital weight adjusts in real-time for the most personalized and effective workout that helps members achieve measurable results. Tonal offers more than three thousand coach-led, on demand and live workouts across a number of fitness categories including strength training, cardio, yoga, HIIT, mobility, pilates, barre and more. Founded by Aly Orady, a supercomputer engineer, Tonal is backed by leading growth and venture capital investors including L Catterton, THVC, Cobalt Capital, Kindred Ventures, Dragoneer, Sapphire Ventures, Mayfield, Shasta Ventures, and Delta-v as well as leading investors in health and fitness. The company is headquartered in San Francisco, California.