This week digital home fitness system Tempo announced a $60 million Series B funding round. Northwest Venture Partners and General Catalyst led the round with participation from DCM, Bling Capital, SignalFire, Founders Fund and Y Combinator.
As part of the deal, Northwest Capital’s Edward Yip and General Catalyst’s Holly Maloney were added to the board of directors.
This news comes just months after the startup, which was formerly called Pivot, opened up sales of its movement tracking system.
WHAT IT DOES
The fitness-focused product was designed to track a user’s movements through sensor technology. The system includes a screen and 3D-vision camera, which can scan the user’s movements 30 times per second.
Users also get a set of physical workout products like a set of dumbbells, free weights and a heart monitor. The system itself runs just under $2,000. However, there is also a $39-per-month subscription fee, which includes live and on-demand workout classes.
Users are able to get feedback about their form from a live coach in a studio. The workouts focus on strength, high-intensity interval training, mobility, cardio and recovery.
WHAT IT’S FOR
This infusion of cash is slated to be used to increase manufacturing capacity. The company also said it plans to use the funding to open up a second production studio.
There is no shortage of home workout tools on the market. Perhaps the most notable is connected-fitness bike Peloton. The digital-fitness company went public in September of 2019, after having raised over $1 billion before the IPO. More recently, during its earnings call, it announced a 66% YoY revenue increase for the third quarter of its fiscal year.
But it isn’t just bikes on the market. Hydrow for instance recently scored $25 million in new investments for its connected rowing machine, bringing its total raise to $52 million.
ON THE RECORD
“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,” Moawia Eldeeb, Tempo’s cofounder and CEO, said in a statement.