Temple, a wearable technology startup founded by entrepreneur Deepinder Goyal, has raised $54 million in its first funding round, according to a post by Goyal. The round was structured as a friends and family investment and values the company at approximately $190 million post-money.
The funding was backed by founder friends and early-stage investors in Zomato, the food delivery company that Goyal co-founded. Goyal indicated that the investors in the round were longtime supporters who wanted to participate regardless of whether Temple ultimately brings its product to market.
More than 30 employees of Temple also participated in the funding round at the same valuation as outside investors. Goyal highlighted that employees invested their own capital in the company without receiving discounted terms, which he described as a sign of strong internal belief in the startup’s mission.
Temple is focused on developing wearable technology designed for elite performance athletes. Goyal said the company is building a team aimed at creating what he described as the ultimate wearable for high-performance sports.
The announcement marks one of the first public updates on Temple’s funding as the company begins assembling its engineering and product teams to develop the device.
KEY QUOTES
Temple has raised its first round. Friends and family. $54m. Post-money valuation of ~$190m. Every investor in this round is a founder friend or early-stage Zomato investor who wanted in, whether or not Temple ever makes it to market. But here’s what gives me goosebumps – more than 30 Temple employees participated in the round, at par valuation. No discount. Their own money. That’s the kind of belief you can’t buy. We are assembling a dream team to build the ultimate wearable for elite performance athletes.
Deepinder Goyal, Founder of Temple (in a LinkedIn post)
