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Tonal, the Peloton for strength training, isn't worried about Apple's fitness play

September 17, 2020. Summarized by summa-bot.

With a fresh round of funding and a boost to its business spurred by the pandemic, Tonal -- a startup often referred to as the Peloton of at-home strength training -- isn't concerned about Apple's push into the home fitness space, according to its CEO.

(CNN)Tonal -- a startup sometimes referred to as the Peloton of at-home strength training -- has raised a fresh $110 million of funding to boost its expansion in the crowded home fitness space.

Tonal, whose product mounts to the wall like a flat screen television and uses "digital weights" where the resistance is personalized, announced Thursday new financing for marketing initiatives and scaling its supply chain and logistics to meet demand.

The funding news comes two days after Apple announced plans to launch Fitness+, a subscription service for Apple Watch users that will offer workout classes accessible on iPad, iPhone and Apple TV.

"It is further validation that the world has shifted to workout-at-home," Tonal CEO and founder Aly Orady told CNN Business.

According to Tonal's Orady, his company's business is performing over "10x" compared to one year ago -- a combination of the impact of last holiday season and the pandemic on its business.

The company declined to share how many Tonal machines it has sold to date and how many paying customers it has.

In addition to the funding news, Tonal said that is collaborating with the Mayo Clinic on a clinical trial using its product in physical therapy applications.

Tonal isn't the only company that has caught the attention of investors in recent months as gyms shuttered and people sought alternative fitness routines.

In late June, athletic apparel company Lululemon announced it would purchase the startup Mirror, which sells an immersive mirror through which customers can participate in fitness classes and personal training sessions, for $500 million.

Tempo -- a home-fitness competitor to Tonal where customers use physical weights -- raised $60 million in new financing in late July.

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