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Kickstarter darling Pebble may be in a rough patch

Pebble—the smartwatch maker known for its crowdfunding campaigns—has hit a growth slog, going to a Silicon Valley bank for funding as venture capitalists cool on its prospects, TechCrunch reported, citing sources close to Pebble.

The watch maker has reached out to the bank for a $5 million loan and a $5 million line of credit, sources told the website. Some employees have grown unhappy with Pebble's direction, the report added.

Pebble declined to comment to CNBC.

Pebble Time Smartwatch
Source: Pebble
Pebble Time Smartwatch

The company's reported struggles come as the smartwatch market has grown more crowded. Apple's heavily discussed watch went on sale earlier this year, while start-up Olio Devices is preparing to launch its own device.

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The Kickstarter project for Pebble's Time model broke the crowdfunding site's record by raising more than $20 million earlier this year. The company kept about $18 million after fees, according to TechCrunch.

Pebble currently has about 150 employees.

Read the full TechCrunch report here.

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