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The next Peloton? Connected fitness startup Tonal raises $90M to date

The connected fitness equipment sector is heating up. On Thursday, Tonal–dubbed the “Peloton for weight-lifting”–announced a $45 million Series C fundraising round led by L Catterton (ThirdLove, ClassPass, The Honest Company) with participation from Evolution Media, along with existing investors Shasta Ventures, Mayfield, Sapphire Ventures, and others. This brings the startup’s total fundraising to $90 million.

With new capital, Tonal plans to further invest in its supply chain, distribution, and AI talent as well as beef up new content modalities.

“As the fitness landscape continues to evolve, we have seen a clear shift toward personalized, content-driven, at-home workout experiences,” said Scott Dahnke, global co-CEO of L Catterton, in a press statement. “Tonal is the first connected fitness brand focused on strength training and represents an opportunity to invest behind an innovative concept with tremendous growth potential.”

Founded in 2015, Tonal is a connected strength training device that relies on an engine to create resistance (in lieu of traditional metal disks). Like Peloton, it features a screen that guides users through various personalized streaming workouts. It retails for $2,995, plus a $49 monthly subscription for the workout content.

Tonal joins a host of other newly introduced connected fitness systems. This includes Mirror, a $1,495 flat system that hangs on a wall and serves as a functional mirror when not in use; the $2,199 Hydrow connected rowing machine by Crew (formally True Rowing); and Virzoom transforms cycling into a VR experience.

Peloton, meanwhile, boasts over 1 million subscribers and is currently preparing for an IPO.

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