Funding round
Tonal Series D
Tonal, which works in smart home gym equipment manufacturing in San Francisco, raised $110M in a Series D round announced on 17 Sep 2020, led by L Catterton. 14 firms took part, 2 of them already investors. It is Tonal's third venture round on record; the one before was a Series C in Apr 2019.
$110M
Amount raised
of which $25M debt
Not disclosed
Post-money valuation
14
Investors
1 lead
Valuation
What this round says about the price
Tonal did not disclose a valuation in this round. It came 17 months after Tonal's Series C. It is 19% of the $565M Tonal has raised in the venture rounds on record. Tonal raised again 6 months later: a Series E round of $250M in Mar 2021, at $1.60B post-money.
Tonal's funding rounds
Tonal has 5 venture rounds on record. This one is highlighted.
- Series B 24 Jun 2018 $30M
- Series C 4 Apr 2019, led by L Catterton $45M
- Series D this round 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 13 other firms. L Catterton and Amazon Alexa Fund had backed Tonal before.
Lead investor
- backs 63 venture-backed companies existing investor
Also in the round
- backs 15 venture-backed companies new investor
- Amazon Alexa Fund existing investor
- backs 23 venture-backed companies new investor
- backs 17 venture-backed companies new investor
- Shasta Ventures new investor
- backs 122 venture-backed companies new investor
- Evolution Media new investor
- THVC new investor
- Golden State Warriors new investor
- Seattle Seahawks new investor
- backs 23 venture-backed companies
- Paul George
- Bobby Wagner
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: Series D rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Insurance - Agents, Carriers & Brokers | 23 Sep 2020 | $250M | $2.00B | CapitalG |
| Attentive Tech Companies | 23 Sep 2020 | $230M | $2.20B | Coatue |
| Snyk Tech Companies | 9 Sep 2020 | $200M | $2.60B | Addition |
| Tech Companies | 14 Sep 2020 | $185M | $2.58B | Thrive Capital |
| Biotechnology | 24 Sep 2020 | $142M | not disclosed | CMB International Capital Corporation |
| Tech Companies | 30 Sep 2020 | $102M | not disclosed | not named |
| Decorators & Interior Designers | 3 Sep 2020 | $90M | not disclosed | Kharis Capital and Venturi |
| Devo Tech Companies | 15 Sep 2020 | $60M | not disclosed | Georgian |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Tonal raise in its Series D round?
Tonal raised $110M in its Series D round, announced in Sep 2020.
Who led Tonal's Series D round?
L Catterton led it, with Delta-v, Amazon Alexa Fund, Mousse Partners, 359 Capital and Shasta Ventures and 8 more.
What was Tonal's valuation at the Series D round?
It was not disclosed.
Did Tonal raise again after this round?
Yes: a Series E round in Mar 2021 of $250M at $1.60B post-money.