The connected strength training platform has raised $250 million at a $1.6 billion valuation in a Series E round led by Dragoneer Investment Group with participation from Cobalt Capital. Existing investors, including L Catterton and Sapphire Ventures, also participated in the latest round along with athlete investors Drew Brees, Larry Fitzgerald, Maria Sharapova, Mike Tyson, and Sue Bird. Dragoneer was an investor in Peloton and many other tech startups outside the sporting goods space. Tonal’s CEO Aly Orady said the company is preparing for an IPO some time in the future, now that total funding has now hit $450 million.

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