Funding round
Tonal Series E
Tonal, which works in smart home gym equipment manufacturing in San Francisco, raised $250M in a Series E round announced on 31 Mar 2021, led by Dragoneer Investment Group, at a $1.60B post-money valuation. 5 firms took part, 2 of them already investors, with 6 individual investors. It is Tonal's fourth venture round on record; the one before was a Series D in Sep 2020.
$250M
Amount raised
$1.60B
Post-money valuation
$1.35B pre-money
5
Investors
1 lead
16%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Tonal at $1.60B after the new money. The $250M bought investors about 16% of the company. It came 6 months after Tonal's Series D. It is 44% of the $565M Tonal has raised in the venture rounds on record. Tonal raised again 25 months later: a Series F round of $130M in Apr 2023, at $1.90B 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 17 Sep 2020, led by L Catterton $110M
- Series E this round 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
Dragoneer Investment Group led the round with 4 other firms. L Catterton and Sapphire Ventures had backed Tonal before.
Lead investor
- Dragoneer Investment Group backs 82 venture-backed companies new investor
Also in the round
- backs 5 venture-backed companies new investor
- backs 63 venture-backed companies existing investor
- Sapphire Ventures backs 148 venture-backed companies existing investor
- Amazon’s Alexa Fund new investor
Individual investors: Drew Brees, Larry Fitzgerald, Maria Sharapova, Mike Tyson, Sue Bird and Steph Curry. Joined the board: Shannon Crespin, Nina Richardson and Jack Lazar.
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 E rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Attentive Tech Companies | 9 Mar 2021 | $470M | $7.00B | not named |
| Tech Companies | 16 Mar 2021 | $300M | $1.00B | SoftBank Vision Fund and Tencent Investment |
| Snyk Tech Companies | 10 Mar 2021 | $300M | $4.70B | Accel and Tiger Global |
| Tech Companies | 15 Mar 2021 | $270M | $5.77B | Greenoaks |
| Tech Companies | 22 Mar 2021 | $220M | $3.30B | Tiger Global |
| Tech Companies | 18 Mar 2021 | $180M | $1.00B | Silver Lake Waterman and T. Rowe Price Associates, Inc. |
| Cosmetics Stores | 31 Mar 2021 | $155M | $1.70B | Bain Capital and Macquarie |
| Tech Companies | 22 Mar 2021 | $153M | $1.00B | OMERS Private Equity and Kaiser Permanente Group Trust |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Tonal raise in its Series E round?
Tonal raised $250M in its Series E round, announced in Mar 2021.
Who led Tonal's Series E round?
Dragoneer Investment Group led it, with Cobalt Capital, L Catterton, Sapphire Ventures and Amazon’s Alexa Fund.
What was Tonal's valuation at the Series E round?
$1.60B post-money ($1.35B pre-money).
Did Tonal raise again after this round?
Yes: a Series F round in Apr 2023 of $130M at $1.90B post-money.