Despite recently raising nearly $20 million from Kickstarter, there are rumors that Pebble is quickly finding themselves in need of additional funding.
According to TechCrunch:
According to sources close to the company, the company is having trouble maintaining its growth and has turned to a Silicon Valley bank for a $5 million loan and $5 million line of credit. Valley VCs have been turning down the company’s requests for new capital.
Pebble has built an awesome product, but having Google and Apple both competing with you for the same space is a tough place to be. Their new Pebble Time device has some great things going for it, particularly the sunlight-readable and battery-friendly color E-ink screen, but things aren’t looking great.
Competition is always good, so no matter what side of the smartwatch race you’re on, having Pebble continue to fight is a good thing for everyone.