SoftBank, a Japanese holding company, is set to invest more than $100 million in at-home fitness startup Tempo, per The Information.
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.
SoftBank’s investment in Tempo represents the growing trend of at-home fitness options amid the pandemic. The funding will allow Tempo to compete in a $16.4 billion at-home fitness market that includes Tonal, Mirror, and Peloton.
Last week, Tonal raised $250 million in a new round of funding, giving the company a $1.6 billion valuation.
Mirror, which was acquired by Lululemon for $500 million last summer, brought in $170 million in revenue in 2020 with $275 million projected this year.
Tempo’s exact valuation after this funding round hasn’t been disclosed but is expected to come in at less than $1 billion, per BNN Bloomberg. A previous round last June gave Tempo a $250 million valuation.