Smartwatch manufacturer Pebble has announced a new model with a colour display, the Pebble Time, as it begins to position itself as a cut price rival to Apples soon-to-launch smartwatch.

Although Pebble has its own well-established website and over 15,000 retail partners, the company has chosen to return to Kickstarter, where it originally raised money for its first model, as part of a 31-day campaign to tell the story of the new watch and appeal to longtime supporters of the brand.

Within an hour of launching, the Kickstarter had raised more than triple its $500,000 (£323,800) goal, and it has since become the fastest earning project in Kickstarter history, standing at over $8m as of Wednesday morning.

The Pebble Time incorporates a colour e-paper display and, despite being always on, boasts a battery life of around seven days. The display has a durable Gorilla Glass coating with a stainless steel bezel, and the interchangeable rubber band aims to give the watch a casual feel.

The device is 20 per cent thinner than previous models, and curved to fit the first more comfortable. It includes a microphone to take voice commands, including dictating short responses to texts and other notifications or making shot voice notes.

The new Timeline feature displays notifications and reminders in chronological order, rather than separating them out into different apps, hoping to make navigating through the small screen easier and more efficient. The timeline system also dynamically loads and caches apps as needed.

Finally, the underside of the Pebble Time where the charging port is located doubles as a hub for accessories such as a heart-rate sensor or GPS device. While these accessories dont yet exist, Pebble believes hardware firms and technically-proficient customisers will leap at the chance to develop them.