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.
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".