Retail

Amazon-backed Tonal raises more cash at $1.6 billion valuation

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Tonal in-home fitness.

Source: Tonal

The at-home fitness start-up Tonal said Wednesday it has raised an additional $250 million in funding, valuing the business at $1.6 billion.

That brings Tonal’s total funding to $450 million. Participants in the Series E round include the investment firm Dragoneer, which led the round, along with Cobalt Capital, L Catterton and Sapphire Ventures.

The company said it plans to use the fresh capital to accelerate its marketing efforts, to open more brick-and-mortar stores, and to invest in logistics and manufacturing to meet what it says is unprecedented demand. The funding also brings Tonal one step closer to an initial public offering, according to its…



Source cnbc.com

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