Tonal Announces $130M Financing and New CEO Krystal Zell
Gunderson Dettmer represented client Tonal, a strength and personal training platform, in its $130 million financing led by L Catterton, Cobalt, Dragoneer, Kindred Ventures and THVC. The company also announced Krystal Zell as its new CEO, succeeding the company’s founder, Aly Orady, who will assume the role of Chief Technology Officer. The new capital will be used to further strengthen the company’s balance sheet, accelerate profitability, and drive growth to better serve the Tonal community.
In the announcement of the transaction, Tonal CEO Krystal Zell said, “With a robust financial foundation in place, the deep engagement of our members, and partnerships with our vendors, we look to the future with a clear line of focus on serving our members, deepening member engagement, and strengthening member loyalty. Tonal was built on a legacy of amplifying the strength that exists in everyone, and I’m excited to help Tonal deliver on that ambitious mission with the continued support of our dedicated team of employees and enthusiastic investors.”
The Gunderson Dettmer deal team was led by John Dietz and included Craig Olshan, Jared Mayberry, Alexis Persson, Hannah Porter, Shagun Parekh and Bailey McQuain.