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Funding pours into the at-home fitness trend

September 17, 2020, 3:13 PM UTC

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At-home fitness startups are muscling up as gyms file for bankruptcy.

Adding to the flurry of deals in the space: Tonal, a startup with a strength-training system, raised $110 million in funding from investors including L Catterton (an existing investor), as well as Delta-v Capital, the Amazon Alexa Fund, Steph Curry of the Golden State Warriors, and golfer Michelle Wie. 

That comes after weight-training startup Tempo raised some $60 million in July and Lululemon acquired Mirror for $500 million in late June—not to mention Apple’s foray into the space, announcing earlier this week a subscription service that offers workout classes online. 

While Apple’s name may strike the fear of… well, Apple, in the hearts of some investors (Peloton’s shares did some funny somersaults mirroring that of investors’ stomachs upon Apple’s announcement), the obsessive community Peloton has built is still among the most formidable—after all, it was will to pay $2,000-plus, even when gyms were open, for a stationary bike and the hype that comes with being a part of Peloton nation. But hey…famous last words.

Also worth noting is a returning investor in Tonal’s round: L Catterton has invested quite a bit across not only companies in the physical gym space, but also in the at-home fitness trend—and in a potential competitor to Tonal. Earlier this year, L Catterton invested in Hydrow, a younger rowing startup that recently raised $25 million. Before that, the firm made bets on the likes of ClassPass and Equinox.

STRIPE’S PLAN FOR EMPLOYEES WHO LEAVE MAJOR CITIES: As the pandemic pushes employees to move to more suburban sprawls than urban haunts, fintech darling Stripe is addressing the shifting dynamic in its compensation. The company, which employs about 2,800 people, plans to make a one-time payment of $20,000 to those who decide to leave San Francisco, New York, or Seattle, according to Bloomberg—though it also plans to cut their base salaries by as much as 10%. Read more.

Lucinda Shen
Twitter: @shenlucinda


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