DEADBATCH W11HARDWARE

Pebble

Rejected a $740M acquisition. Sold for $23M. Kickstarter backers got nothing.

$26M + $41M Kickstarter

Capital Raised

$740M (rejected offer)

Peak Value

5 YRS

Lifespan

200+ employees; 75,000 Kickstarter backers

Body Count

AUTOPSY REPORT

The smartwatch that started the smartwatch revolution. Raised $10.3M on Kickstarter — most-funded project in the platform's history at the time. Then founder Eric Migicovsky turned down a $740M acquisition from Citizen, then an Intel offer, betting that Pebble could compete with Apple — it couldn't . Apple Watch launched and sucked all the oxygen out of the room. Sales cratered. Pebble sold its IP to Fitbit for $23M — a 97% discount from the rejected Citizen deal. 75,000 Kickstarter backers who paid $20.3M for the Pebble Time never got refunds. Migicovsky became a YC partner. The Silicon Valley lifecycle continues.

DAMAGE: 200+ employees; 75,000 Kickstarter backers

TIMELINE

2011Founded, joins YC W11

2012-04Raises $10.3M on Kickstarter, most-funded ever

2015Rejects $740M acquisition from Citizen

2015-04Apple Watch launches, Pebble sales decline

2016-12Sells IP to Fitbit for $23M, shuts down

SOURCES

→ QZ: From $740M to Less Than $40M → Eric Migicovsky: Why Pebble Failed → BGR: Pebble Is Kickstarter's Worst Failure

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Satirical project. Not affiliated with Y Combinator. All information from public records.