Tempo Picks Up the Pace With $60M in New Funding at a $250M Valuation

by Jeremy Porr
July 29, 2020
Tempo Studio, the company's at-home virtual gym includes an array of weights.
photo: Tempo

After the global pandemic forced people inside and effectively closed gyms across the country, many fitness-focused people were left to wonder how they would keep up their exercise routines at home. For those now feeling fatigued by YouTube tutorials and Zoom bootcamps, one San Francisco-based startup is offering up an alternative solution for those not in a rush to return to the gym.

Tempo’s free-standing virtual studio provides those who want to workout at home with an interactive, virtual fitness regime. The Tempo Studio is equipped with a 42-inch HD touchscreen interface that can provide real-time rep-counting and feedback on form throughout the course of a workout. In addition to its real-time feedback feature, the Tempo Studio is also equipped with 3D sensors that can keep track of its user’s physical workout progress over time.

Tempo announced it raised $60 million in a Series B round led by Norwest Venture Partners and General Catalyst on Wednesday. The new funding puts the company at an estimated $250 million valuation, according to Bloomberg.

“Tempo’s interactive feedback, combined with its personalized strength and cardio programming, is pushing the at-home workout experience,” Holly Maloney, managing director at General Catalyst, said in a statement.

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The company will use the new financing to build a second production studio that will be used to film new interactive film content for its users. Tempo also plans on accelerating its hiring efforts and increasing its manufacturing capacity.

“COVID changed the landscape completely; I expected we’d be where we are today in five years,” Tempo CEO Moawia Eldeeb said in an interview with Bloomberg.

Classes available on Tempo Studio provide users with a wide range of exercise opportunities, including weight lifting, yoga and strength training. According to the company, Tempo users complete four workouts per week, on average.

Tempo Studio costs just shy of $2,000, or it can be paid off in $55-per-month installments over the course of three years. Beginning in August, Tempo Studio will be available to purchase on BestBuy.com. The company plans to make its product available in nearly 250 retail locations by the end of this year.

Tempo has raised a total of $78.8 million in venture capital to date, according to Crunchbase. Returning investors Bling Capital, DCM, SignalFire, Founders Fund and Y Combinator also participated in the round.

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