Tempo, an at-home fitness subscription system that says it had zero cancelations in the past year, raised $220 million in Series C funding led by Japanese holding company SoftBank.
Tempo’s exact valuation after this round hasn’t been disclosed but more than tripled from the company’s $250 million valuation last June, per Bloomberg.
Additional investors include previous VC partners DCM, General Catalyst, Bling Capital, and new investor Steadfast Capital. The investment exceeds reports from earlier this month that Tempo would raise just over $100 million.
The connected fitness system retails between $2,500 and $4,000 and comes with weights, barbells, and a touchscreen display that offers instruction and live classes for a subscription fee of $39 per month.
New funding will allow Tempo to better compete in a $16.4 billion at-home fitness market that includes Tonal, Mirror, and Peloton. Founder and CEO Moawia Eldeeb said Tempo sales increased tenfold in the past year.
“SoftBank has strong relationships in Asia and we’re helping Moawia with approaches to lower the cost of manufacturing and exploring strategic ways to bring Tempo to the masses at a lower price point,” SoftBank Vision Fund managing partner Jeffrey Housenbold told Bloomberg.
