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.
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.
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.