Tempo, a startup that provides people with a home gym and an artificially intelligent personal training system, announced $60 million in new funding, the largest Series B of any smart fitness company to date.
The round was led by Norwest Venture Partners and General Catalyst, along with return investors DCM, Bling Capital, SignalFire, Founders Fund, and Y Combinator.
Tempo also announced a strategic partnership and investment from Tishman Speyer. To meet demand, Tempo will use the capital to increase manufacturing capacity and expand its content with a second production studio. Along with this investment, Norwest’s Edward Yip and General Catalyst’s Holly Maloney will join Tempo’s Board of Directors.
Tempo said it offers an all-in-one fitness studio that transforms any room into a complete gym with a full weight set that adjusts from 7.5 to 100 pounds. The company’s intelligent trainer delivers the guidance of an in-person coach with real-time rep counting, interactive form feedback and personalized weight recommendations. Tempo members average four workouts per week— significantly higher than the typical gym membership.
Sales boomed during the pandemic as Tempo promised to provide “an energetic community that brings people a shared, real-life journey while quarantined at home with a motivating, live leaderboard and group programs.”
Since announcing pre-orders in February, sales are up nearly 500 percent and on track to exit 2020 at a $100 million run rate.
“The investments from General Catalyst, Norwest, and our returning investors,” said Moawia Eldeeb, Tempo’s co-founder and CEO, “are a stamp of approval on Tempo’s comprehensive approach from firms behind some of the world’s most exciting companies.”
“Tempo’s interactive feedback on performance and form, combined with its personalized strength and cardio programming, is pushing the at-home workout experience,” added Holly Maloney, managing director at General Catalyst. “It’s a game-changer for anyone interested in results-driven fitness.”
To supplement its direct-to-consumer efforts and accelerate nationwide sales, today Tempo announced a distribution partnership with Tishman Speyer, a global developer of commercial and residential real estate and investor in Tempo, and that beginning next month it will be available for purchase on BestBuy.com with the goal of being available in 250 locations by year-end.
“After shaking up the home fitness industry since launch, we firmly believe that Tempo has the potential for exponential growth,” said Edward Yip, partner at Norwest. “Its unrivaled technology makes it the brand to watch.”
