Pebble struggling to secure new funding in wake of Apple Watch, rumor claims
Silicon Valley venture capitalists are reportedly turning down requests from smartwatch maker Pebble for funding, leading to speculation that the company may be struggling following the launch of the Apple Watch.
Citing sources close to the company, TechCrunch reported on Wednesday that Pebble instead obtained a $5 million loan and another $5 million line of credit from a bank, after efforts to secure venture capital funding were denied.
Pebble's alleged troubles come in spite of the fact that the company raised more than $20 million on Kickstarter for its latest model, the Pebble Time. That blockbuster success amounted to the largest crowdfunding campaign in history.
