Funding round
Tonal Series C
Tonal, which works in smart home gym equipment manufacturing in San Francisco, raised $45M in a Series C round announced on 4 Apr 2019, led by L Catterton. 6 firms took part, 4 of them already investors. It is Tonal's second venture round on record; the one before was a Series B in Jun 2018.
$45M
Amount raised
Not disclosed
Post-money valuation
6
Investors
1 lead
Valuation
What this round says about the price
Tonal did not disclose a valuation in this round. It came 10 months after Tonal's Series B. It is 8.0% of the $565M Tonal has raised in the venture rounds on record. Tonal raised again 17 months later: a Series D round of $110M in Sep 2020. Its next priced round, a Series E in Mar 2021, valued it at $1.60B.
Tonal's funding rounds
Tonal has 5 venture rounds on record. This one is highlighted.
- Series B 24 Jun 2018 $30M
- Series C this round 4 Apr 2019, led by L Catterton $45M
- Series D 17 Sep 2020, led by L Catterton $110M
- Series E 31 Mar 2021, led by Dragoneer Investment Group $250M$1.60B post-money
- Series F 10 Apr 2023, led by L Catterton, Cobalt Capital and Dragoneer Investment Group $130M$1.90B post-money
Investors
Who put money in
L Catterton led the round with 5 other firms. L Catterton, Shasta Ventures, Mayfield and Sapphire Ventures had backed Tonal before.
Lead investor
- backs 63 venture-backed companies existing investor
Also in the round
- Evolution Media new investor
- Shasta Ventures existing investor
- backs 122 venture-backed companies existing investor
- Sapphire Ventures backs 148 venture-backed companies existing investor
- backs 43 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: Series C rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Loans & Financing | 9 Apr 2019 | $170M | not disclosed | Foundation Capital and Visa |
| Tech Companies | 24 Apr 2019 | $100M | $850M | Access Industries |
| Armis Tech Companies | 11 Apr 2019 | $65M | not disclosed | Sequoia Capital |
| Software Development Services | 2 Apr 2019 | $41M | not disclosed | China-Belarus Industrial Investment Fund |
| Tech Companies | 3 Apr 2019 | $38M | not disclosed | Summit Partners |
| Tech Companies | 17 Apr 2019 | $33M | not disclosed | Battery Ventures |
| Loans & Financing | 16 Apr 2019 | $33M | not disclosed | Blenheim Chalcot and Legal & General |
| Tech Companies | 24 Apr 2019 | $32M | not disclosed | Stripes |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Tonal raise in its Series C round?
Tonal raised $45M in its Series C round, announced in Apr 2019.
Who led Tonal's Series C round?
L Catterton led it, with Evolution Media, Shasta Ventures, Mayfield, Sapphire Ventures and Serena Ventures.
What was Tonal's valuation at the Series C round?
It was not disclosed.
Did Tonal raise again after this round?
Yes: a Series D round in Sep 2020 of $110M.