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Smartwatch maker Pebble rumored to be in financial troubles

Even with $18 million in the bank, Pebble is reportedly experiencing financial problems

By Anthony Garreffa | May 22, 2015 08:37 am CDT

Even though Pebble raised $1 million just 49 minutes for its new smartwatch, breaking Kickstarter records, the smartwatch maker is reportedly experiencing financial troubles, reports TechCrunch.

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Sources close to the site have said that Pebble is "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 currently employs 150 employees, and is still on the look out for more. But even after one of the most successful Kickstarter campaigns ever, Pebble is still chasing additional funds from VCs in order to continue its growth, with the company even applying for a bank loan "in order to stay afloat".

Many employees are reportedly unhappy with the direction of Pebble, as it has moved away from its original intentions, and now looking to compete against the likes of Apple and its Watch, Google with its various Android Wear-powered devices, and more. A current employee of Pebble said: "We're a young company. The outlook for Pebble is very positive. It's been a remarkable journey thus far".

Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games to be built around consoles. With FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with high-end, custom-built PCs. His addiction to GPU technology is unwavering, and with next-gen NVIDIA GPUs about to launch alongside 4K 144Hz HDR G-Sync gaming monitors and BFGDs (65-inch 4K 120Hz HDR G-Sync TVs) there has never been a time to be more excited about technology.

NEWS SOURCE:techcrunch.com

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