There is no doubt, home fitness is hot. The category had already gained considerable traction in recent years and months, but the ongoing pandemic has undoubtedly accelerated the interest of orders of magnitude. And understandably. After all, while some companies have started to reopen in some locations, gyms are still a big red flag, with one of the biggest transmission risks of any common space.
Tempo announced a healthy $ 60 million Series B led byNorwest Venture Partners and General Catalyst, along with a Founders Fund, Signal Fire, DCM, Y Combinator and Bling Capital repeating investor fund.
The news came almost exactly a month after Mirror, one of the San Francisco-based company's main competitors, was acquired by the fitness brand Lululemon for $ 500 million. It is also worth noting here the continued success of Peloton, whose streaming fitness classes continued to catapult the manufacturer of home fitness equipment. Numerous other startups have announced relaunches in recent weeks, while stalwarts like Technogym have introduced their own home streaming services.
The Tempo device performs ~ $ 2,000, plus a $ 39 monthly subscription to its content, which includes strength, cardio and various other exercises such as live streaming or content on demand. Specifically, the company says it is on track to achieve an execution rate of $ 100 million by the end of the year, in part due to sales that have increased 500% since the company opened pre-orders this February ( without disclosing actual unit sales).
This is, no doubt, due to word of mouth, but the company is certainly not discounting the role of COVID-19 in its rapid success. "With tens of millions unable to go to the gym or attend classes in person, consumers' fitness needs have evolved," notes the company in a press release. "App-based services don't have the necessary equipment to be effective for most people, while legacy smart devices often do little more than stream videos without two-way driving."
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