Fitbit to buy smartwatch maker Pebble for ‘small amount’

Fitbit is reportedly close to buying crowdfunding superstar Pebble for an undisclosed amount of money.

According to a report from the information  (paywall), citing “three people briefed on the deal”, the exact price hasn’t been revealed but it’s thought to be “a small amount”.

A source told the newsroompost that the company is to be purchased for between US$34-million and US$40-million.

The news comes a few months after the smartwatch maker decided to lay off some staff.

The company laid off 4 companies in March, equivalent to about 25% of its workforce, with CEO Eric Migicovsky blaming an unfavourable fundraising environment.

Pebble’s management reportedly rejected previous offers to purchase the company

Pebble was one of the earlier crowdfunding success stories, having turned to Kickstarter to fund their Pebble smartwatch back in 2012. Their goal at the time was to raise US$100 000. They ended up receiving US$10.2-million from backers .

The Pebble Time Kickstarter, launched in 2015, would go on to be the top Kickstarter-only project of all time. The project raked in US$20.3-million, with their stated goal being US$500 000.

The company also issued a third Kickstarter drive this year in the form of the Pebble 2/Pebble Time 2 smartwatches and Pebble Core gadget. This project managed to rake in US$12.7-million, with a goal of earning US$1-million.