Smartwatch manufacturer Pebble is reportedly facing financial difficulties, despite a recent hugely successful Kickstarter campaign that put added assets of around $18m (£11.5m) to the companys coffers.

According to TechCrunch, sources within the company have said that the firm is struggling to maintain its growth, and has turned to a Silicon Valley-based bank for a $5m loan and additional $5m line of credit after venture capital firms turned down the companys request for a cash injection. Pebble has offered no statement on the rumours.

Pebble has around 150 employees and is currently hiring more after its record-breaking crowdfunding campaign for a colour model of its popular smartwatch. However, even with the cash and attention the campaign brought, the company is struggling to keep afloat.

Employees are reportedly unhappy with the direction the company is taking in order to compete with the growing smartwatch market and high-profile competitors like the Apple Watch.

While the firm has been the darling of the indie wearable scene for a while, there are fears that devices like the Olio watch may steal its crown, and force the company to considerably up its game to maintain its market share.