“Going to the gym” doesn’t mean the same thing it did 10 years ago. Although we’ve always had the ability to workout at home, connected fitness startups are making it easier than ever. Perhaps that’s why they make fundraising look so easy.
Tonal, one of the major players in the connected fitness space, just raised another $110 million. It brings the California-based startup’s total funding to $200 million. Given the fact that there are more competitors in the space than ever before, the large round is a noteworthy accomplishment. It’s also a sign that investors are hungry for more smart fitness opportunities.
The connected fitness world couldn’t have asked for anything better than the COVID-19 pandemic. Although it has ravaged the economy and claimed hundreds of thousands of lives, it has also forced people to workout at home in unprecedented numbers. Anyone who exercises knows that doing so at home is far different from doing it at the gym.
Tonal also knows that. The startup’s home fitness system includes an interactive, mirror-like display. However, what sets it apart from competitors like Mirror are its resistance training accessories. Users are able to simulate training sessions with dumbbells and barbells without the need for an extensive set-up.
NBA superstar Stephen Curry is one of the many investors taking part in Tonal’s latest round. He says, “I’ve had a Tonal for almost two years. While in quarantine during COVID, I have relied heavily on it to maintain my strength training and believe it is revolutionizing how people will work out now and in the future.”
That’s strong praise from someone who works out more than 99 percent of people.
Other investors in the $110 million round include L Catterton, Delta-v Capital, Amazon’s Alexa Fund, Mousse Partners, NBA star Paul George, LPGA golfer Michelle Wie, and NFL linebacker Bobby Wagner.
Keep Up the Fire
Tonal’s new funding will help it maintain its rapid growth amid competition from other startups in the connected fitness space. It faces a steep challenge from Mirror, which was recently acquired by Lululemon for half a billion dollars.
Considering the fact that the home workout space is expected to keep growing in the coming months, there should be plenty of room for both companies to thrive.
That isn’t stopping Tonal from pursuing further innovations, however. The startup also announced that it has started working with the Mayo Clinic. It is partnering with the world-renowned hospital on physical therapy trials. The results are expected to arrive early next year.
If Tonal is able to land some sort of endorsement or partnership with the Mayo Clinic, it could gain a huge leg-up on the industry. It isn’t hard to imagine a system like Tonal being used in conjunction with a professional therapist for remote sessions.
Meanwhile, the startup is working with several hotels and resorts to give guests a way to stay in shape. The travel industry isn’t exactly booming right now, but it should recover over the next few years. Perhaps Tonal will be ready and waiting for workout-hungry vacationers.
Its latest round of funding certainly won’t hurt. Keep an eye on this startup as we round the corner into the final months of 2020.