Kickstarter's down: Is Pebble to blame?

Kickstarter is down. Could it be Pebble's new project that's bogging down the popular crowdfunding website?

On Tuesday, the company introduced the Pebble Time on Kickstarter and within 33 minutes its funding goal of $500,000 was reached. In 49 minutes, the project had more than $1 million in pledges, setting a new record. By Wednesday, the project had garnered more than $9.1 million in funding.

Kickstarter first tweeted that the site was experiencing technical difficulties just after noon on Wednesday.

"We're still looking into what caused the site outage, but I'm happy to report that the site seems to be recovering," said David Gallaher, Kickstarter's spokesman.

When the Pebble Time project went live, Kickstarter experienced slow performance and errors on some of their pages, but it added capacity to handle the elevated traffic. That site issue was resolved.

Pebble already had the second-most funded project on Kickstarter with its 2012 Pebble E-Paper watch which raised more than $10 million on Kickstarter after seeking $100,000. Their newest campaign looks to be even more successful than the first.

The Pebble Time project has more than 43,000 backers and still has 30 days to go before the funding period is closed. Ryan Grepper's Coolest Cooler is currently the most-funded project with over $13.2 million in pledges. But if Kickstarter keeps up this Pebble Time pace, that milestone will get left in the dust.