Despite its successes on Kickstarter, including its most recent Pebble Time campaign that earned the company around $18 million after Kickstarter took its cut, Pebble is reportedly fighting to stay in business. The news comes amid reports that Pebble has been denied funding after multiple requests.
TechCrunch cited a source earlier this week who said that Pebble is trying to “stay afloat” by seeking $5 million in credit in addition to a $5 million loan from Silicon Valley bank, which shunned the smartwatch maker. Banks aren’t the only ones turning away Pebble, TechCrunch said that “Valley VCs” are also offering the could shoulder.
Pebble apparently wants the money to “maintain growth,” and despite millions of dollars in sales of a product that’s still not on the market, investors may be worried about its prospects moving forward.
The Apple Watch is now on the market, and Android Wear is gaining new features by the day. Pebble certainly has its redeeming qualities, but can it compete with some of the biggest firms in tech? That, it seems, is at least one fear.