Total amount raised
$298.8 Millions
Latest funding date
4/1/2021
Location
Tempo has successfully raised significant capital through multiple funding rounds, with the latest being a Series C round.
With backing from notable investors such as Bling Capital and Norwest Venture Partners, Tempo continues to innovate in the home fitness industry.
What Is Tempo?
Tempo, founded in 2015 by Joshua Augustin and Moawia Eldeeb, is based in San Francisco, California.
The company specializes in AI-powered home fitness, offering a platform that combines equipment, training guidance, and social motivation.
With a team of 101-250 employees, Tempo continues to innovate in the home fitness industry.
How Much Funding Has Tempo Raised?
- Seed Round
- Amount Raised: $1.8M
- Date: June 2015
- Lead Investors: Khosla Ventures, SignalFire
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and technology.
- Series A
- Amount Raised: $17M
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the product and expand the team.
- Series B
- Amount Raised: $60M
- Date: July 2020
- Lead Investors: General Catalyst, Norwest Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Tempo's pioneering home fitness system and accelerate nationwide sales after unprecedented growth.
- Series C
- Amount Raised: $220M
- Date: April 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance AI and 3D sensor technology, expand hardware, software, and content offerings, and continue delivering a comprehensive at-home gym and personal trainer experience.
Total Amount Raised: $298.8M. Current Valuation: Not publicly disclosed.
Key Investors
- SoftBank Vision Fund
- Details: SoftBank Vision Fund is one of the largest technology investment funds globally, managed by SoftBank Group. It focuses on high-growth technology companies.
- Investment Focus Areas: Technology, AI, Robotics, Telecommunications, E-commerce
- Notable Investments: Uber, WeWork, Alibaba
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global venture capital and growth equity investment firm. It has over 60 years of experience in investing across various sectors.
- Investment Focus Areas: Technology, Healthcare, Financial Services, Consumer Products
- Notable Investments: Uber, Spotify, Plaid
- General Catalyst
- Details: General Catalyst is a venture capital firm that provides early-stage and growth equity investments. It aims to partner with founders to build enduring companies.
- Investment Focus Areas: Technology, Healthcare, Consumer, Financial Services
- Notable Investments: Airbnb, Stripe, Snap
- DCM
- Details: DCM is a venture capital firm that invests in early-stage technology companies. It has a strong presence in the U.S., China, and Japan.
- Investment Focus Areas: Technology, Fintech, Consumer Internet, Mobile
- Notable Investments: Bill.com, SoFi, Lime
- Bling Capital
- Details: Bling Capital is a venture capital firm that focuses on early-stage investments in technology startups. It was founded by Ben Ling, a former executive at Google and Facebook.
- Investment Focus Areas: Technology, Consumer Internet, Fintech
- Notable Investments: Lyft, Instacart
What's Next for Tempo?
Tempo's future looks promising as it capitalizes on the growing demand for home fitness solutions. With a significant $220 million Series C funding round, the company is poised to enhance its AI and 3D sensor technology, expand its hardware and software offerings, and introduce new class categories like yoga and cardio-boxing. The at-home fitness market, projected to reach $29.4 billion by 2025, presents a substantial opportunity for Tempo to capture a larger market share.
Future fundraising opportunities seem likely, given the rapid growth and investor confidence demonstrated by the recent funding round. Additional venture capital rounds or strategic partnerships could further support Tempo's expansion and technological advancements. However, the company may face challenges such as intense competition from other home fitness brands, maintaining its technological edge, and managing rapid growth effectively. Despite these hurdles, Tempo's innovative approach and strong market position suggest a bright future ahead.
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