Home Fitness System Company Tempo Raises $60 Million

By Amit Chowdhry ● July 30, 2020
  • Tempo — a home fitness system that uses 3D sensors and artificial intelligence to analyze your motion — announced it has raised $60 million in new funding

Tempo — a home fitness system that uses 3D sensors and artificial intelligence to analyze your motion and provide real-time rep counting, form feedback, and weight recommendations — announced it has raised $60 million in new funding. This round of funding was led by Norwest Venture Partners and General Catalyst along with return investors DCM, Bling Capital, SignalFire, Founders Fund, and Y Combinator.

And Tempo also announced a strategic partnership and investment from Tishman Speyer. In order to meet soaring demand, Tempo will use the capital to increase manufacturing capacity and expand its innovative content offering with a second production studio. Along with the investment, Norwest’s Edward Yip and General Catalyst’s Holly Maloney will join Tempo’s Board of Directors.

With the launch, Tempo reset what was possible in the at-home category and proved to be the perfect fitness solution during the COVID-19 pandemic. It is 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 lbs. Plus it works as an intelligent trainer that delivers the guidance of an in-person coach with real-time rep counting, interactive form feedback, and personalized weight recommendations.

Ever since the company announced pre-orders in February, sales are up nearly 500% and on-track to exit 2020 at a $100 million run rate. Tempo members average 4 workouts per week — which is significantly higher than the typical gym membership.

There are tens of millions of people who are unable to go to the gym or attend classes in person so consumers’ fitness needs have evolved. And app-based services lack the necessary equipment to be effective for most people while previous smart devices often do little more than stream videos without two-way guidance.

In order to supplement its direct-to-consumer efforts and accelerate nationwide sales, Tempo also announced a distribution partnership with Tishman Speyer — a leading global developer of commercial and residential real estate and investor in Tempo. And beginning next month it will be available for purchase on BestBuy.com with the goal of being available in 250 total locations by the end of the year.

Tempo is available for purchase at tempo.fit for $1,995 (or $55/month for 36 months with financing). And a separate $39 monthly membership per household unlocks unlimited, A.I.-powered training spanning Tempo’s expansive offering of strength, cardio, HIIT, mobility, and recovery classes (available both live and on-demand).

KEY QUOTES:

“The investments from General Catalyst, Norwest, and our returning investors are a stamp of approval on Tempo’s comprehensive approach from firms behind some of the world’s most exciting companies.”

— Tempo Co-Founder & CEO Moawia Eldeeb

“Tempo’s interactive feedback on performance and form, combined with its personalized strength and cardio programming, is pushing the at-home workout experience. It’s a game changer for anyone interested in results-driven fitness.”

— Holly Maloney, Managing Director at General Catalyst

“After shaking up the home fitness industry since launch, we firmly believe that Tempo has the potential for exponential growth. Its unrivaled technology makes it the brand to watch.”

— Edward Yip, Partner at Norwest