Cash Flow: Tonal Raises $250m, Peloton Completes Precor Acquisition, Real Raises $10m For Mental Health

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The game-changing investment, acquisition and funding news impacting the industry and driving the business of wellness this week.

Tonal raises $250m in funding at $1.6bn valuation

Connected strength training device Tonal has raised $250m in new funding, valuing the business at $1.6bn. The latest round brings the company’s total funding to over $450m, as it continues to usher in a new era of intelligent fitness and further establishes itself as a leader in connected strength training.

Investors included L Catterton, Dragoneer, Cobalt Capital and Sapphire Ventures. The capital will allow Tonal to further accelerate marketing and content initiatives while scaling the business and operations by investing in people, logistics and manufacturing.

Virtual therapy startup Real raises $10m

Real, a digital therapy startup backed by Gwyneth Paltrow has raised $10m in a Series A funding round led by Lightspeed Venture Partners.

The platform, which enables users to participate in group and on-demand therapy sessions covering real-life and real-time including anxiety, burnout, sexuality, intimacy and more aims to widen access to mental health services.

To date, the company has raised a total of $16m.

Tonal device

Image: Tonal

Peloton completes Precor acquisition

Indoor cycling behemoth Peloton has officially closed the acquisition of Precor, one of the largest global commercial fitness equipment providers with a significant US manufacturing presence. 

With this acquisition, Peloton establishes its US manufacturing capacity, anticipates boosting research and development capabilities with Precor’s highly-skilled team and accelerating Peloton’s penetration of the commercial market. Peloton plans to produce connected fitness products in the US before the end of the calendar year 2021.

Harry’s boosts value to $1.7bn following $155m funding round

Men’s grooming brand Harry’s has scooped $155m in new funding, in a round led by Bain Capital and Macquarie Capital. In a statement, Harry’s said the capital will be used to focus on acquisitions that can leverage the company’s design, marketing and direct-to-consumer capabilities.

According to the disruptive brand, it saw its sales rise by 25 percent to $370m in 2020.

Redesign Health lands $250m to launch health and wellness startups

Redesign Health, a company that builds health and wellness startups, has raised $250m in funding from Declaration Partners and other anonymous investors.

The company, which plans to launch a further 50 startups over the next five years, aims to make medical care in the US more efficient, affordable and accessible. 

Pendulum Therapeutics raises $54m to meet surging customer demand

Pendulum Therapeutics – a biotech company improving health through products targeting the microbiome – has raised $54m in a round led by Meritech Capital with participation from existing investors including Sequoia Capital, True Ventures and Khosla Ventures. This Series C round nearly doubled the entirety of Pendulum’s previous raises and brings the total venture capital raised to $111m.

Pendulum introduced its first product, a medical probiotic called Pendulum Glucose Control, in January 2020. The new venture capital funding will be used to increase the manufacturing and sales of Pendulum Glucose Control, ramp up manufacturing of pipeline products to address the management of other chronic diseases and conduct additional research.

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