Tonal makes a digital weight lifting system for the home that doesn’t require bulky weight racks. Tonal is based in San Francisco and is not yet publicly traded. CEO Aly Orady said in September 2020 that the company’s “bold goal” is to reach a valuation of $ 100 billion and eventually an IPO Yahoo Finance.
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Orady believes that the fitness habits developed during the COVID-19 pandemic will persist even after public gyms reopen. He said CNBC Last fall, “Post-Covid, investors believe that workout-from-home is a permanent change in behavior and patterns.”
Source: Tonal Facebook
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Tonals digital weight system is professionally installed and includes strength training options for both upper and lower body. The equipment enables the user to achieve a full body weight workout from the comfort of their own home. The system has digital intelligence that tracks progress and adapts to signals from the body.
With a starting price of $ 2,995 plus $ 495 for accessories, Tonal is no small purchase for most users. A monthly fee of $ 49 and an installation fee of $ 250 is required for the first 12 months. Despite the cost, Tonal appeals to people who want to train strength at home. Users get the benefits of a personal trainer because of Tonal’s intelligence component.
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Tonal is not a public company
Currently, Tonal is not a publicly traded company but has raised capital from several prominent athletes and institutional investors such as Delta-v Capital. Orady spoke about the uniqueness that athletes invest in the company. Many of the athletes invested in Tonal based on their own experience with the equipment.
In an interview with Yahoo Finance, Orady said Stephen Curry bought Tonal himself. The NBA star “fell in love with the product” and “really saw it as revolutionary”.
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The Amazon Alexa Fund is an important addition for the company’s investors. Orady told CNBC that this could result in Tonal being part of the connected Alexa devices.
The company also has a partnership with Buy-Now-Pay-Later To confirmThis allows customers to purchase the product with flexible repayment terms, which is likely to help potential buyers get past the high purchase price.
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Shareholders own Tonal
Tonal is owned by shareholders including Amazon Alexa Fund, Delta-v Capital, Sapphire Ventures and Evolution Media as well as professional supporters of athletes. The company’s last major round of funding came in September 2020 and raised $ 110 million, according to CNBC. Tonal’s valuation was not disclosed, but it is still below the $ 1 billion mark.
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Tonals IPO plans
Orady has talked about pursuing an IPO at some point, but he hasn’t set a date. Tonal may want to go public to compete with fitness companies similar to its home Peloton and the fitness platform from Apple.
Tonal’s IPO date
Tonal has not yet announced an official IPO date. Orady mentioned that he plans to take the company public at some point. To date, the company has relied on significant investments from the Amazon Alexa Fund, Stephen Curry, Paul George of LA Clippers, and Bobby Wagner of Seattle Seahawks.
