Tonal is reportedly looking to raise up to $250 million worth of equity from investors. Bloomberg reports that Tonal has been in neogation with private equity firm L Catterton and others about a new round of capital.
Tonal last raised $45 million in April of 2019, which valued the company at $185 million. Participants in the last funding round included L Catteron, Evolution Media, Shasta Ventures, Mayfield, Sapphire Ventures and Serena Williams’s Serena Ventures backed Tonal as part of that deal.
Tonal did not comment on this news, so it is not clear what specifically they would use the new funds for.