Pebble head Eric Migicovsky has confirmed that the group will be saying goodbye to around a quarter of its workforce due to financial challenges.
Speaking to Tech Insider about the move, Migicovsky said that Pebble has managed to raise around $26 million over the last eight months, adding that the group has done well from private investors.
Despite Pebble’s seemingly high numbers, the company head has emphasized how important being careful with product planning has proven recently. Even though money is coming in, Pebble has had to let go of 40 employees.
Migicovsky said: “We got this money, but money is pretty tight these days.”
“We want to be careful,” Pebble’s boss added. “Pebble is in this for the long haul. We have a vision where wearables will take us in five to 10 years, and this is setting us up for success.”
Tech Insider reports that Migicovsky’s plans for the future of Pebble focus on the health and fitness side of the group’s releases. Clearly, there’s big money in offering products that help customers better themselves physically.
Just last month, Pebble released a substantial update to Pebble Health, an app for its range of wearables that aims to help users keep fit and stay active. Among the changes were Health-enabled watch faces for Pebble gadgets, improved activity-tracking accuracy and more.
Serious competition from other wearable manufacturers such as Fitbit, Jawbone and Apple will continue to put pressure on Pebble to perform.