VCMCVC Market Cap
Menu

Tonal valuation, funding and investors

tonal.com ↗LinkedIn ↗

Tonal works in smart home gym equipment manufacturing, based in San Francisco, United States. Founded in 2015, it has about 409 employees.

Fitness Equipment San Francisco Series F
VALUATION · TODAY
$1.61B −11% after Series F
Range $282M – $2.65B · Grade D
TODAY
+12 MO
$1.00B
$2.00B
$3.00B
$4.00B
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Series B $30.0M
Series C $45.0M
Series D $110M
Series E $250M
Series F $130M
ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then
HEADCOUNT · TODAY409 employees
+3%6m growth
+5%1y growth
+17%2y growth
250
500
750
Data from Jan 2021
TODAY
Predicted in 1 yr $1.43B −11% vs today
Predicted next raise $264M if a round comes
Winding-down probability 12%
Last round
Series F · $130M · Apr 2023
Valuation at last round
$1.90B
Headcount
409 · flat
Grade
D
Founded
2015
How VCMC values companies →

Tonal valuation today

VCMC values Tonal at $1.6B today, with a range of $282M to $2.7B and a grade of D. The valuation starts from its last funding round, a Series F round in Apr 2023.

Valuation by date (147 rows)

Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.

Tonal: valuation by date, as the model would have shown it on each date
DateValuationRangePredicted in 1 yrPhaseHeadcountTrendGradeWinding-down probability
1 Jan 2015$5.13M$1.87M – $14.1M$5.38M (+5%)before first round–unknownD0%
1 Feb 2015$5.15M$1.88M – $14.2M$5.40M (+5%)before first round–unknownD0%
1 Mar 2015$5.17M$1.88M – $14.2M$5.42M (+5%)before first round–unknownD0%
1 Apr 2015$5.19M$1.89M – $14.3M$5.44M (+5%)before first round–unknownD0%
1 May 2015$5.21M$1.90M – $14.3M$5.46M (+5%)before first round–unknownD0%
1 Jun 2015$5.23M$1.90M – $14.4M$5.48M (+5%)before first round–unknownD0%
1 Jul 2015$5.25M$1.91M – $14.4M$5.50M (+5%)before first round–unknownD0%
1 Aug 2015$5.27M$1.92M – $14.5M$5.65M (+7%)before first round–unknownD0%
1 Sep 2015$5.29M$1.93M – $14.5M$5.80M (+10%)before first round–unknownD0%
1 Oct 2015$5.31M$1.93M – $14.6M$5.95M (+12%)before first round–unknownD0%
1 Nov 2015$5.33M$1.94M – $14.7M$6.11M (+15%)before first round–unknownD0%
1 Dec 2015$5.36M$1.95M – $14.7M$6.27M (+17%)before first round–unknownD0%
1 Jan 2016$5.38M$1.96M – $14.8M$6.45M (+20%)before first round–unknownD0%
1 Feb 2016$5.40M$1.97M – $14.8M$6.62M (+23%)before first round–unknownD0%
1 Mar 2016$5.42M$1.97M – $14.9M$6.79M (+25%)before first round–unknownD0%
1 Apr 2016$5.44M$1.98M – $14.9M$6.97M (+28%)before first round–unknownD0%
1 May 2016$5.46M$1.99M – $15.0M$7.16M (+31%)before first round–unknownD0%
1 Jun 2016$5.48M$2.00M – $15.1M$7.35M (+34%)before first round–unknownD0%
1 Jul 2016$5.50M$2.00M – $15.1M$7.54M (+37%)before first round–unknownD0%
1 Aug 2016$5.65M$2.06M – $15.5M$7.75M (+37%)before first round–unknownD0%
1 Sep 2016$5.80M$2.11M – $15.9M$7.96M (+37%)before first round–unknownD0%
1 Oct 2016$5.96M$2.17M – $16.4M$8.17M (+37%)before first round–unknownD0%
1 Nov 2016$6.12M$2.23M – $16.8M$8.39M (+37%)before first round–unknownD0%
1 Dec 2016$6.28M$2.29M – $17.2M$8.61M (+37%)before first round–unknownD0%
1 Jan 2017$6.45M$2.35M – $17.7M$8.84M (+37%)before first round–unknownD0%
1 Feb 2017$6.62M$2.41M – $18.2M$9.08M (+37%)before first round–unknownD0%
1 Mar 2017$6.78M$2.47M – $18.6M$9.30M (+37%)before first round–unknownD0%
1 Apr 2017$6.97M$2.54M – $19.1M$9.55M (+37%)before first round–unknownD0%
1 May 2017$7.15M$2.60M – $19.6M$9.80M (+37%)before first round–unknownD0%
1 Jun 2017$7.34M$2.67M – $20.2M$10.1M (+37%)before first round–unknownD0%
1 Jul 2017$7.54M$2.74M – $20.7M$10.3M (+37%)before first round–unknownD0%
1 Aug 2017$7.74M$2.82M – $21.3M$10.6M (+37%)before first round–unknownD0%
1 Sep 2017$7.95M$2.89M – $21.8M$10.9M (+37%)before first round–unknownD0%
1 Oct 2017$8.16M$2.97M – $22.4M$11.2M (+37%)before first round–unknownD0%
1 Nov 2017$8.38M$3.05M – $23.0M$11.5M (+37%)before first round–unknownD0%
1 Dec 2017$8.60M$3.13M – $23.6M$11.8M (+37%)before first round–unknownD0%
1 Jan 2018$8.84M$3.22M – $24.3M$12.1M (+37%)before first round–unknownD0%
1 Feb 2018$9.08M$3.30M – $24.9M$12.4M (+37%)before first round–unknownD0%
1 Mar 2018$9.30M$3.39M – $25.5M$12.7M (+37%)before first round–unknownD0%
1 Apr 2018$9.55M$3.48M – $26.2M$13.1M (+37%)before first round–unknownD0%
1 May 2018$9.80M$3.57M – $26.9M$13.4M (+37%)before first round–unknownD0%
1 Jun 2018$10.1M$3.67M – $27.7M$13.8M (+37%)before first round–unknownD0%
25 Jun 2018$215M$141M – $489M$321M (+50%)after a round–unknownC0%
1 Jul 2018$216M$141M – $489M$321M (+49%)after a round–unknownC0%
1 Aug 2018$224M$141M – $489M$321M (+44%)after a round–unknownC0%
1 Sep 2018$231M$141M – $489M$321M (+39%)after a round–unknownC0%
1 Oct 2018$239M$141M – $489M$321M (+34%)after a round–unknownC0%
1 Nov 2018$248M$141M – $489M$321M (+30%)after a round–unknownC0%
1 Dec 2018$256M$141M – $489M$321M (+26%)after a round–unknownC0%
1 Jan 2019$265M$141M – $489M$321M (+21%)after a round–unknownC0%
1 Feb 2019$274M$141M – $489M$321M (+17%)after a round–unknownC0%
1 Mar 2019$283M$141M – $489M$321M (+14%)after a round–unknownC0%
1 Apr 2019$293M$141M – $489M$321M (+10%)after a round–unknownC0%
5 Apr 2019$374M$264M – $690M$486M (+30%)after a round–unknownB0%
1 May 2019$381M$264M – $690M$486M (+28%)after a round–unknownB0%
1 Jun 2019$390M$264M – $690M$486M (+25%)after a round–unknownB0%
1 Jul 2019$399M$264M – $690M$486M (+22%)after a round–unknownB0%
1 Aug 2019$408M$264M – $690M$486M (+19%)after a round–unknownB0%
1 Sep 2019$417M$264M – $690M$486M (+17%)after a round–unknownB0%
1 Oct 2019$426M$264M – $690M$486M (+14%)after a round–unknownB0%
1 Nov 2019$435M$264M – $690M$486M (+12%)after a round–unknownB0%
1 Dec 2019$445M$264M – $690M$486M (+9%)after a round–unknownB0%
1 Jan 2020$455M$264M – $690M$486M (+7%)after a round–unknownB0%
1 Feb 2020$465M$264M – $690M$486M (+5%)after a round–unknownB0%
1 Mar 2020$475M$264M – $690M$486M (+2%)after a round–unknownB0%
1 Apr 2020$486M$264M – $690M$486M (0%)after a round–unknownB0%
1 May 2020$486M$253M – $690M$486M (0%)after a round–unknownB0%
1 Jun 2020$486M$241M – $690M$486M (0%)after a round–unknownB0%
1 Jul 2020$486M$231M – $690M$486M (0%)after a round–unknownB0%
1 Aug 2020$486M$220M – $690M$486M (0%)after a round–unknownB0%
1 Sep 2020$486M$210M – $690M$486M (0%)after a round–unknownB0%
18 Sep 2020$1.1B$742M – $1.9B$1.4B (+30%)after a round–unknownB0%
1 Oct 2020$1.1B$742M – $1.9B$1.4B (+29%)after a round–unknownB0%
1 Nov 2020$1.1B$742M – $1.9B$1.4B (+26%)after a round–unknownB0%
1 Dec 2020$1.1B$742M – $1.9B$1.4B (+23%)after a round–unknownB0%
1 Jan 2021$1.1B$742M – $1.9B$1.4B (+20%)after a round180unknownB0%
1 Feb 2021$1.2B$742M – $1.9B$1.4B (+18%)after a round180unknownB0%
1 Mar 2021$1.2B$742M – $1.9B$1.4B (+15%)after a round180unknownB0%
1 Apr 2021$1.6B$1.4B – $2.4B$2.1B (+30%)after a round180unknownA0%
1 May 2021$1.6B$1.4B – $2.4B$2.1B (+27%)after a round180unknownA0%
1 Jun 2021$1.7B$1.4B – $2.4B$2.1B (+24%)after a round180unknownA0%
1 Jul 2021$1.7B$1.4B – $2.4B$2.1B (+22%)after a round180unknownA0%
1 Aug 2021$1.7B$1.4B – $2.4B$2.1B (+19%)after a round180unknownA0%
1 Sep 2021$1.8B$1.4B – $2.4B$2.1B (+16%)after a round180unknownA0%
1 Oct 2021$1.8B$1.4B – $2.4B$2.1B (+14%)after a round180unknownA0%
1 Nov 2021$1.9B$1.4B – $2.4B$2.1B (+11%)after a round180unknownA0%
1 Dec 2021$1.9B$1.4B – $2.4B$2.1B (+9%)after a round180unknownA0%
1 Jan 2022$2.0B$1.4B – $2.4B$2.1B (+7%)after a round180unknownA0%
1 Feb 2022$2.5B$1.4B – $3.1B$2.7B (+9%)after a round560growingB0%
1 Mar 2022$2.6B$1.4B – $3.1B$2.7B (+4%)after a round560growingB0%
1 Apr 2022$2.7B$1.4B – $3.1B$2.7B (0%)after a round560growingB0%
1 May 2022$2.7B$1.4B – $3.1B$2.7B (0%)after a round560growingB0%
1 Jun 2022$2.7B$1.5B – $3.1B$2.7B (0%)after a round560growingB0%
1 Jul 2022$2.7B$1.5B – $3.1B$2.7B (0%)after a round560growingB0%
1 Aug 2022$2.7B$1.3B – $3.1B$2.7B (0%)after a round560unknownB0%
1 Sep 2022$2.7B$1.2B – $3.1B$2.7B (0%)after a round560unknownB0%
1 Oct 2022$2.7B$1.2B – $3.1B$2.7B (0%)after a round560unknownB0%
1 Nov 2022$2.7B$1.2B – $3.1B$2.7B (0%)after a round560unknownB0%
1 Dec 2022$2.7B$1.1B – $3.1B$2.7B (0%)after a round560unknownB0%
1 Jan 2023$2.7B$1.1B – $3.1B$2.7B (0%)after a round560unknownB0%
1 Feb 2023$1.6B$1.0B – $2.5B$1.3B (-23%)after a round470downB88%
1 Mar 2023$1.6B$974M – $2.6B$1.2B (-24%)after a round470downB88%
1 Apr 2023$1.6B$942M – $2.6B$1.1B (-30%)after a round470downB88%
11 Apr 2023$1.9B$1.7B – $2.3B$2.0B (+3%)after a round470downA88%
1 May 2023$1.9B$1.7B – $2.3B$1.9B (+2%)after a round470downA88%
1 Jun 2023$1.9B$1.7B – $2.3B$1.9B (0%)after a round470downA88%
1 Jul 2023$1.9B$1.7B – $2.3B$1.9B (-3%)after a round470downA88%
1 Aug 2023$1.9B$1.7B – $2.3B$1.9B (-3%)after a round470unknownA81%
1 Sep 2023$2.0B$1.7B – $2.3B$1.9B (-4%)after a round470unknownA74%
1 Oct 2023$2.0B$1.7B – $2.4B$1.9B (-4%)after a round470unknownA68%
1 Nov 2023$2.0B$1.7B – $2.4B$1.9B (-5%)after a round470unknownA63%
1 Dec 2023$2.0B$1.7B – $2.4B$1.9B (-6%)after a round470unknownA58%
1 Jan 2024$2.1B$1.7B – $2.5B$1.9B (-7%)after a round470unknownA53%
1 Feb 2024$2.1B$1.7B – $2.5B$2.0B (-8%)after a round470unknownA49%
1 Mar 2024$2.2B$1.7B – $2.5B$2.0B (-9%)after a round470unknownA45%
1 Apr 2024$1.9B$1.7B – $2.2B$1.4B (-25%)after a round380downA97%
1 May 2024$1.9B$1.6B – $2.2B$1.3B (-28%)after a round380downA97%
1 Jun 2024$1.8B$1.5B – $2.2B$1.3B (-28%)after a round380downA97%
1 Jul 2024$1.8B$1.4B – $2.2B$1.3B (-28%)after a round380downA97%
1 Aug 2024$1.8B$1.4B – $2.3B$1.3B (-26%)after a round380unknownA89%
1 Sep 2024$1.8B$1.3B – $2.3B$1.3B (-25%)after a round350flatA82%
1 Oct 2024$1.8B$1.2B – $2.3B$1.4B (-23%)after a round350flatB76%
1 Nov 2024$1.8B$1.1B – $2.4B$1.4B (-21%)after a round350flatB70%
1 Dec 2024$1.8B$1.1B – $2.4B$1.4B (-20%)after a round350flatB64%
1 Jan 2025$1.8B$1.0B – $2.4B$1.5B (-18%)after a round350flatB59%
1 Feb 2025$1.8B$980M – $2.5B$1.5B (-17%)after a round350flatB54%
1 Mar 2025$1.8B$935M – $2.5B$1.5B (-15%)after a round350flatB50%
1 Apr 2025$1.8B$888M – $2.5B$1.6B (-14%)after a round350flatB46%
1 May 2025$1.8B$820M – $2.5B$1.5B (-17%)after a round350flatB43%
1 Jun 2025$1.8B$779M – $2.5B$1.5B (-17%)after a round350flatB43%
1 Jul 2025$1.8B$742M – $2.5B$1.4B (-18%)after a round350flatC43%
1 Aug 2025$1.8B$721M – $2.6B$1.5B (-17%)after a round387flatC40%
1 Sep 2025$1.8B$687M – $2.7B$1.5B (-17%)after a round391flatC37%
1 Oct 2025$1.9B$944M – $2.7B$1.6B (-16%)after a round391upB34%
1 Nov 2025$1.9B$931M – $2.7B$1.6B (-15%)after a round391upB31%
1 Dec 2025$1.9B$922M – $2.7B$1.6B (-15%)after a round396upB29%
1 Jan 2026$1.9B$910M – $2.7B$1.7B (-14%)after a round396upB26%
1 Feb 2026$2.0B$898M – $2.7B$1.7B (-14%)after a round396upB24%
1 Mar 2026$2.0B$889M – $2.7B$1.7B (-14%)after a round396upB22%
1 Apr 2026$2.0B$878M – $2.7B$1.7B (-14%)after a round396upB20%
1 May 2026$2.0B$714M – $2.7B$1.7B (-13%)after a round396upC19%
1 Jun 2026$2.0B$441M – $2.7B$1.7B (-14%)after a round401flatC17%
1 Jul 2026$2.0B$420M – $2.7B$1.7B (-14%)after a round401flatC16%
1 Aug 2026$2.0B$401M – $2.7B$1.7B (-13%)after a round412flatC15%
1 Sep 2026$2.0B$381M – $2.7B$1.7B (-13%)after a round412flatC14%
1 Oct 2026$2.0B$362M – $2.7B$1.8B (-12%)after a round409flatC12%
24 Oct 2026$1.6B$282M – $2.7B$1.4B (-11%)after a round409flatD12%

Key facts about Tonal

Founded
2015
Headquarters
San Francisco, United States
Employees
about 409 +5% in a year
Total raised
$565M
Funding rounds
5
Last round
Series F Apr 2023

Tonal was founded in 2015 by Aly Orady.

Tonal funding history

Tonal has 5 funding rounds on record, from Jun 2018 to Apr 2023, $565M in total. The latest disclosed valuation is $1.90B post-money (Series F, Apr 2023).

  1. Series F 10 Apr 2023

    Led by L Catterton, Cobalt Capital, Dragoneer Investment Group; with Kindred Ventures, THVC.

    Sources: v2markets.com, techcrunch.com, research.contrary.com

    $130M

    $1.90B post-money

  2. Series E 31 Mar 2021

    Led by Dragoneer Investment Group; with Cobalt Capital, L Catterton, Sapphire Ventures, Amazon’s Alexa Fund. Individuals: Drew Brees, Larry Fitzgerald, Maria Sharapova, Mike Tyson, Sue Bird, Steph Curry.

    Sources: tonal.com, tonal.com, businesswire.com and 2 more

    $250M

    $1.60B post-money

  3. Series D 17 Sep 2020

    Led by L Catterton; with Delta-v, Amazon Alexa Fund, Mousse Partners, 359 Capital, Shasta Ventures, Mayfield, Evolution Media, THVC, Golden State Warriors, Seattle Seahawks, Penny Jar Capital, Paul George, Bobby Wagner.

    Sources: techcrunch.com, tonal.com, frontofficesports.com and 1 more

    $110M

  4. Series C 4 Apr 2019

    Led by L Catterton; with Evolution Media, Shasta Ventures, Mayfield, Sapphire Ventures, Serena Ventures.

    Sources: techcrunch.com, prnewswire.com, pulse2.com and 1 more

    $45M

  5. Series B 24 Jun 2018

    With WISE Ventures.

    $30M

Tonal investors

21 investors have backed Tonal; L Catterton, Cobalt Capital and Dragoneer Investment Group led at least one round.

  • Dragoneer Investment Group lead, 2 rounds
  • Evolution Media 2 rounds
  • Sapphire Ventures 2 rounds
  • Shasta Ventures 2 rounds
  • THVC 2 rounds
  • Amazon Alexa Fund
  • Amazon’s Alexa Fund
  • Bobby Wagner
  • Golden State Warriors
  • Paul George
  • Seattle Seahawks

What Tonal does

Tonal works in fitness equipment, with 14 recorded offerings and customers in fitness and wellness.

Tonal Systems, Inc. is an American company that develops and manufactures smart home gym equipment and provides workout programs. The company offers AI-driven strength training systems that adapt resistance based on user strength and real-time guidance, as well as an online platform for on-demand classes and personalized training. Tonal serves both individual and business clients in the United States and Canada, with a focus on fitness and wellness solutions.

Description from Veridion's company data.

Products and services

  • Smart Home Gym Equipment Manufacturing
  • Personalized Resistance Training System Manufacturing
  • Smart Sensor Integration Services
  • On-Demand Fitness Class Delivery
  • Personalized Fitness Training Services
  • Fitness Membership Program Services
  • Online Fitness Platform Development
  • Strength Training Equipment Retail
  • Fitness Equipment Distribution
  • Sustainable Fitness Product Development
  • Fitness Technology Consulting Services
  • Real-Time Fitness Guidance Delivery
  • Machine Learning Algorithm Development for Fitness
  • Wellness and Healthy Living Promotion Services

Markets

  • Fitness and Wellness

Technology

  • Machine Learning Algorithms
  • Smart Sensors

Business model

  • Business-to-Business
  • Business-to-Consumer
  • Service Provider
  • Manufacturing
  • Retail
  • Subscription-Based

Industry codes (NAICS)

  • 339920 Sporting and Athletic Goods Manufacturing 40% match
  • 459110 Sporting Goods Retailers 25% match
  • 611620 Sports and Recreation Instruction 20% match
  • 423910 Sporting and Recreational Goods and Supplies Merchant Wholesalers 15% match

Questions about Tonal

What is Tonal worth?

Valuation $1.6B (range $282M to $2.7B), as of 24 Oct 2026. The last disclosed valuation was $1.90B (Series F, Apr 2023).

Has Tonal raised money?

Tonal has 5 funding rounds on record, from Jun 2018 to Apr 2023, $565M in total. The latest disclosed valuation is $1.90B post-money (Series F, Apr 2023).

Who has invested in Tonal?

L Catterton, Cobalt Capital, Dragoneer Investment Group, Evolution Media, Mayfield and Sapphire Ventures, and 15 more. Lead investors include L Catterton, Cobalt Capital and Dragoneer Investment Group.

How many people work at Tonal?

About 409, up 5% over the last year. Headcount rose from 180 in Jan 2021 to 560 in Jan 2022, then fell to 409 in Sep 2026.

What does Tonal do?

Tonal works in fitness equipment, with 14 recorded offerings and customers in fitness and wellness. Its main offerings are smart home gym equipment manufacturing, personalized resistance training system manufacturing and smart sensor integration services.

When was Tonal founded, and where is it based?

Tonal was founded in 2015 and is based in San Francisco, United States. It has about 409 employees, up 5% over the last year.

How we value companiesReport an issue