Funding round
Tonal Series F
Tonal, which works in smart home gym equipment manufacturing in San Francisco, raised $130M in a Series F round announced on 10 Apr 2023, led by L Catterton, Cobalt Capital and Dragoneer Investment Group, at a $1.90B post-money valuation. 5 firms took part. It is Tonal's fifth venture round on record; the one before was a Series E in Mar 2021.
$130M
Amount raised
$1.90B
Post-money valuation
5
Investors
3 leads
1.2x
Step-up from the Series E
$1.60B in Mar 2021
6.8%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Tonal at $1.90B after the new money, 1.2 times the $1.60B of its Series E (Mar 2021). The $130M bought investors about 6.8% of the company. It came 25 months after Tonal's Series E. It is 23% of the $565M Tonal has raised in the venture rounds on record. No later venture round is on record for Tonal.
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 31 Mar 2021, led by Dragoneer Investment Group $250M$1.60B post-money
- Series F this round 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, Cobalt Capital and Dragoneer Investment Group led the round with 2 other firms.
Lead investors
- backs 63 venture-backed companies new investor
- backs 5 venture-backed companies new investor
- Dragoneer Investment Group backs 82 venture-backed companies new investor
Also in the round
- backs 66 venture-backed companies new investor
- THVC new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to scaling operations and working capital.
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: Series F rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Zipline Airline Companies | 10 Apr 2023 | $330M | $4.20B | Baillie Gifford and Temasek |
| Aledade Health Care Services | 20 Jun 2023 | $260M | $3.50B | Lightspeed Venture Partners |
| Tech Companies | 7 Jun 2023 | $100M | not disclosed | not named |
| GetYourGuide Travel Agencies | 1 Jun 2023 | $85M | not disclosed | Blue Pool Capital |
| Alto Pharmacy Drug Stores & Pharmacies | 26 Jun 2023 | undisclosed | $531M | not named |
| EGYM Tech Companies | 5 Jul 2023 | $225M | $653M | Affinity Partners |
| Medical Supply Manufacturers | 18 Jul 2023 | $30M | not disclosed | Revelation Partners |
| Dataiku Tech Companies | 13 Dec 2022 | $200M | $3.70B | Wellington Management |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Tonal raise in its Series F round?
Tonal raised $130M in its Series F round, announced in Apr 2023.
Who led Tonal's Series F round?
L Catterton, Cobalt Capital and Dragoneer Investment Group led it, with Kindred Ventures and THVC.
What was Tonal's valuation at the Series F round?
$1.90B post-money.