Tempo, a 2-year-old startup trying to challenge Tonal, Mirror and Peloton in the at-home fitness market, is finalizing a more than $100 million investment led by SoftBank, two people familiar with the matter said.

The deal shows that even as people return to gyms as the pandemic ebbs, venture capitalists are betting consumers will continue to be interested in working out at home. The new funding would help Tempo keep pace with rival Tonal, which raised $260 million earlier this week at a $1.6 billion valuation.