Pebble originally launched on Kickstarter, the device became extremely popular and the company has turned from a startup into a large company with more models released along the way.
The original Pebble Kickstarter campaign raised $10 million and in 2015 the company launched a new model on Kickstarter which raised $20 million.
The company has also raised funds from private investors and debt and now they have announced that they are laying off around 25 percent of their staff, some 40 employees will lose their job.
The company’s CEO, Eric Migicovsky told Tech Insider that one of the reasons for the lay offs is that they have been unable to raise additional funds from venture capitalists.
“We’ve definitely been careful this year as we plan our products,” Migicovsky said. “We got this money, but money [among VCs in Silicon Valley] is pretty tight these days.”
The company will be focusing on health and fitness features for their existing range of devices in the future and they are also launching the devices in India next month in partnership with Amazon.