Pebble, the company behind one of the first successful smartwatches, may be facing financial troubles, TechCrunch reports. Citing sources close to the company, the report notes that the company has allegedly turned to a Silicon Valley bank for a $5 million loan and $5 million line of credit, as VC firms have refused requests for new capital infusions.
At this point, Pebble has 150 employees and continues hiring. However, even with the $18 million crowdfunding infusion from its recent Kickstarter campaign for Pebble Time, the company apparently has needed to turn to a bank loan “in order to stay afloat.” The report goes on to indicate that many employees have been unhappy with the direction the company is taking in the face of both large and small competitors, ranging from the Apple Watch to the upcoming Olio Model One.
While the hiring process — which is being run by former Apple executive Jeff Hyman — is apparently unpopular, many employees reportedly remain “cautiously optimistic” about the company in general.
.
