March 24, 2016
Pebble is laying off 25 percent of its workforce — a sure sign of a slow Smartwatch market.
With about 40 employees receiving pink slips, Pebble will be a decidedly smaller company.
The news comes despite the crowdfunding record Pebble set on Kickstarter last March when it raised a whopping $20.3 million courtesy of 78,471 backers. The funding went toward the production of Time, a Smartwatch that can hold seven days of power in a single charge. Pebble then earned another $26 million over the last eight months for the Pebble Time Round, a thinner, more stylish version of its original Time watch.
Despite the tens of millions of dollars Pebble has brought in, it just was not enough.
“We got this money, but money (from Silicon Valley venture capitalists) is pretty tight these days,” CEO Eric Migicovsky told Tech Insider.
Migicovsky told Tech Insider the company has plans to focus on health and fitness apps and integrations for its wearables — something that he says customers are very interested in. Pebble will also commence sales of its products in India in April through a partnership with Amazon.