Tempo Announces $60M in New Funding to Expand Its Pioneering Home Fitness System and Accelerate Nationwide Sales After Unprecedented Growth
Tempo-the first home fitness system that uses 3D sensors and A.I. to analyze your motion and provide real-time rep counting, form feedback, and weight recommendations-today announced $60M 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 (News - Alert), Bling Capital, SignalFire, Founders Fund, and Y Combinator. Tempo also announced a strategic partnership and investment from Tishman Speyer. 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 this investment, Norwest's Edward Yip and General Catalyst's Holly Maloney will join Tempo's Board of Directors.
With its launch, Tempo reset what was possible in the at-home category and proved to be the perfect fitness antidote to the COVID-19 pandemic.
Since announcing pre-orders in February, sales are up nearly 500% and on track to exit 2020 at a $100M run rate. With an indusry-leading NPS and a class rating hovering at 4.8 stars, Tempo members average 4 workouts per week-significantly higher than the typical gym membership.
With tens of millions unable to go to the gym or attend classes in person, consumers' fitness needs have evolved. 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. "The investments from General Catalyst, Norwest, and our returning investors," said Moawia Eldeeb, Tempo's Co-Founder & 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 also announced a distribution partnership with Tishman Speyer, a leading 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, the largest consumer electronics retailer in the US-with the goal of being available in 250 total locations by the end of year.
"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."
Tempo is available for purchase at tempo.fit for $1,995-or $55/month for 36 months with financing. 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.
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