By Jennifer Ford
- Steph Curry takes part in Tonal’s $110M funding round
- The home fitness equipment market is expected to reach a value of $23.27B by 2025
Major athletes like NBA player Steph Curry are all in on the work-out-from-home craze by getting in on Tonal, a strength training home fitness company’s latest $110 million funding round. Tonal sales have multiplied 10x since last year’s comparable period, according to the company. Curry, along with the NFL’s Bobby Wagner, professional golfer Michelle Wie, the NBA’s Paul George and Amazon’s Alexa Fund, are banking on the home fitness equipment market that’s expected to reach a value of $23.27 billion by 2025.
Why This Matters: In general, sales of fitness equipment have experienced a rapid rise due to the quarantine orders and office closures caused by the pandemic. During the “first wave” of the coronavirus, NPD Group reported that in March alone, fitness equipment sales rose 130% year-over-year. However, Curry noticed Tonal’s potential, with its $2,995 price tag, even before the pandemic. He not just signed up to be an investor, the NBA champion is also a customer.
Curry noticed Tonal’s potential, with its $2,995 price tag, even before the pandemic
“I’ve had a Tonal for almost two years. While in quarantine during COVID, I have relied heavily on it to maintain my strength training and believe it is revolutionizing how people will work out now and in the future,” Steph Curry said.
Tonal seems on track to continue as a leader of the pack with investors like Curry. The company may also see more athletes inquire about how they too can financially benefit from people’s need to fulfill their fitness needs at home. Competition is steep in this space with a third wave looming, and brands like Peloton, Tempo and Vi hoping to benefit from the continuous stay-at-home orders with their entry-level products, $60 million fundraiser; and AI-powered products, respectively.
Situational Awareness: For some, work-from-home has also turned into working-out-from home. The pandemic has contributed to the shutdown of many gyms across the country. For the few that have reopened, customers are not returning at the same rate, especially as we enter a possible “third wave” of the coronavirus as Summer leaves and Fall arrives.
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About Jennifer: She is a former HBO Production Risk Executive, now spending her days as a Marketing Consultant for MOWE, nights podding about all the things, and her in-betweens blogging about the seriousness and silliness of life. Follow Jennifer on Twitter: @reneseford or Instagram: @oksoblog