Tonal, a celebrity-backed home fitness startup, has raised $130 million in a new round of funding. The struggling connected home exercise equipment company plans to use the new capital to strengthen its balance sheet and boost sales growth in the shrinking post-pandemic home exercise equipment market. Since its founding in 2015, investors have poured $580 million into the connected home exercise equipment startup. Rumors of a possible sale to Peloton last year were put on hold due to the company’s own financial problems, and an attempt to find another buyer was reportedly unsuccessful. In the meantime, the San Francisco-based company has promoted president Krystal Zell to CEO. She succeeds founder Aly Orady, who moves into the role of chief technology officer. Zell joined Tonal in 2022 and previously served as chief customer officer at Home Depot.
