pebble-steelWhile the initial Pebble launch proved to be a Kickstarter darling, it was soon lost in the sea of news which seemed to concentrate more on other platforms like Android Wear, and let’s not forget the Apple Watch which many at that time had assumed would revolutionize the smartwatch industry.

Pebble has attempted to stay relevant by releasing a color display version of its smartwatch, but now according to a report from TechCrunch, it looks like the company’s efforts weren’t good enough. Apparently Pebble is having some difficulty maintaining their growth, so much so that they had to approach a bank in Silicon Valley for a loan of $5 million along with a $5 million line of credit.

In fact it seems that VCs in the Valley have been turning down Pebble’s requests for new capital, which some have speculated to mean that VCs are worried that devices like the Apple Watch could overtake Pebble and an injection of capital would be pointless. TechCrunch’s source has also informed them that more than a few employees at the company were also reportedly unhappy with the direction the company is headed.

Of course all of this is just a rumor for now and the company’s CEO Eric Migicovsky has declined to comment on them, but we suppose it doesn’t come as a surprise. Android Wear and the Apple Watch both have the ecosystem in place that makes them compelling in terms of apps and functionality, so does it really come as a surprise that customers are turning towards them instead of Pebble for their wearable needs?

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