There’s nothing like a fat valuation to excite investors and the recent run of Peloton to $25 billion has two competitors drafting off of it. Tonal, which hit the connected strength training market ahead of PTON, raised $110 million at an undisclosed valuation from various top name athletes like Steph Curry and Serena Williams as well as early Peloton investor L. Catterton. Meanwhile, Zwift raised $450 million from backers including KKR, and plans to expand its cycling and running app into the hardware market with a new cycle. By comparison, the $500 million Lululemon paid for Mirror begins to look ... Log in to view full article.