Tonal Lays off 35% Workforce – 260+ Employees

Smart home gym-maker Tonal is slashing 35% of its workforce — adding to a growing list of connected fitness companies restructuring their businesses, according to CNBC. 

Tonal — backed by a star-studded group of investors including Serena WilliamsLeBron JamesSteph Curry, and others — is cutting its workforce to become profitable as it aims to go public. 

  • The fitness company currently employs roughly 750 people.
  • Before the pandemic, its workforce stood at just over 110 employees.
  • The company has yet to become profitable since its launch in 2015.
  • It also plans to cut back on advertising to alleviate customer acquisition costs. 

Tonal benefited from high demand for connected fitness equipment during the pandemic. In March 2021, it completed a $250 million Series E funding round at a $1.6 billion valuation

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