Pebble was one of the first major smartwatches to be released, and is one of the most successful Kickstarter campaigns to ever be released, with two separate Kickstarter campaigns from the company, the first being the original Pebble back in 2012, and the second being the campaign for Pebble Time that launch earlier last year.

Despite all of its success, it seems that the company is having some trouble with money recently.

We know this because of today’s news that confirmed that the company will be laying off 40 of its employees, which is around 25 percent of the company’s entire workforce.The company’s CEO, Eric Migicovsky said that this

The company’s CEO, Eric Migicovsky said that this is a result of the company running out of money, and finding more funding to keep them running, here’s what he said in an interview with Tech Insider:

“We got this money, but money is pretty tight these days.”

Migicovsky also said that the company will be focusing on developing health and fitness features in its smart devices in the future, which he says is due to the consumer’s interest in fitness tracking.

That all said, Pebble isn’t the only one to be finding these problems in the smartwatch industry, with many competitors, many larger players have reduced prices of smartwatches over the last few months, indicating that they aren’t selling as well as everyone expected.

Despite this, Migicovsky says that Pebble still has a plan for the next five to ten years at least.

Source: Tech Insider

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