Pebble entered the tech scene back in April of 2012 with the launch of a wildly successful KickStarter campaign for their original Pebble Classic smartwatch. Since then, the company has gone on to develop a more rugged, steel version of the Pebble classic as well as the current Pebble Time and Pebble Time Steel iterations.

In the past 12 months, the smartwatch industry has gained lots of momentum with the Apple Watch and Galaxy Gear S2 Classic leading the charge in popularity thus drawing less attention to the Pebble product line.

Pebble's CEO, Eric Migicovsky, has confirmed in a recent interview with TechInsider that the company has decided to lay off 40 employees this week which accounts for about 25% of their workforce. He didn't directly blame the increasing competition or poor sales for the layoff, but instead stated that the “chilly fundraising environment in Silicon Valley” was to blame.

Later he went on to say that the company as a whole is financially stable, but they were forced to remove non-essential staffers as money is “pretty tight these days”. Migicovsky believes this move will set them up for success over the next 5-10 years where their company's vision is focused.

Source: TechInsider
Image Credit: GillyBerlin