A Virtual Gym In Your Home: Tempo Raises $60M Series B

Amid the global pandemic we’ve all seen the at-home fitness market explode.

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Getting in on the action is San Francisco-based home fitness system, Tempo, which announced $60 million in Series B in new funding on Wednesday.

The company is touting the funding as, “the largest Series B of any smart fitness company to date.”

The free-standing Tempo Studio combines equipment, training guidance and social motivation with 3D sensors and artificial intelligence, Moawia Eldeeb, co-founder and CEO of Tempo, told Crunchbase News via email.

Its 42-inch HD touchscreen interface analyzes motion, provides real-time rep counting and feedback on form, as well as weight recommendations during live classes led by expert trainers.

Norwest Venture Partners and General Catalyst led the investment, along with existing investors DCM, Bling Capital, SignalFire, Founders Fund and Y Combinator. In total, the company has raised $77.5 million since its inception in 2015, Eldeeb said. Prior to this new funding, Tempo had raised a $17 million Series A round in February, according to Crunchbase data.

“We will use the new funding to accelerate hiring, increase manufacturing capacity and expand our interactive fitness content with a second production studio,” Eldeeb said.

Getting physical

We’ve had our eyes on the at-home fitness market, especially after the global pandemic shut down the world. Many equipment manufacturers reported months-long waiting lists for their products, so we took a look at fitness studios locally loaning out their equipment.

On a grand scale–one startup benefitting from the demand for at-home workouts has been Mirror. Last month the company was acquired by athleisure company Lululemon for $500 million. We also covered connected-rower company Ergatta, which raised $5 million in a seed funding round earlier this month.

Meanwhile, sales of The Tempo Studio are up nearly 500 percent since February, and the company just inked a distribution partnership with real estate property operator Tishman Speyer. The studio will be available for purchase on BestBuy.com in August, according to the company.

What the investors say

As part of the investment, Norwest’s Edward Yip and General Catalyst’s Holly Maloney will join Tempo’s board of directors.

Maloney described Tempo as “pushing the at-home workout experience” and “a game changer for anyone interested in results-driven fitness,” while Yip said its technology is providing a unique opportunity for the company.

“After shaking up the home fitness industry since launch, we firmly believe that Tempo has the potential for exponential growth,” he added.

Photo courtesy of Tempo
Illustration: Li-Anne Dias