Grateful for Your Support
When we put forth our vision for a Pebble smartstrap, it was a bold one. Not only were we creating a first-of-its kind device, but also enabling an entire ecosystem to support it. Throughout the project we’ve remained focused on delivering you a quality product.
After a lot of thought and discussion among our team, we’ve decided to cancel the Kickstarter project and not to sell the product commercially. This was an incredibly hard decision to make, but the news of the acquisition of Pebble’s assets and the discontinuation of the Pebble brand eliminated any viable market for smartstraps. This effectively eliminated any opportunity we would have had to recover the cost of developing and producing the smartstrap as well as the commercial viability of the product.
Our Kickstarter campaign raised a total of $185,120, after the fees that Kickstarter collects. This only covered a portion of the actual design and development costs that have been spent to date.
Since the start of the project, over $640,000 has been spent on design/development of the smartstrap and the fulfillment of the Pebble Time’s that were ordered as part of the Kickstarter. This includes $330,000 for product design and development, $270,000 for prototyping and NRE, and $40,000 for the fulfillment of Pebble Time orders.
With the discontinuation of the Pebble brand and the ceasing of its hardware operations and support, it is just not possible to sell the necessary number of units for us to breakeven on this project, or even to fund an initial production run. There was no clearer indication of this than our own Backers, many on whom enthusiastically supported the project, but are now saying they no longer use their Pebble and have no need for a smartstrap. Producing a product our own Backers no longer have use for with the hope of selling tens of thousands more, simply does not make sense.
Many Backers have asked about refunds. We’ve consistently replied that, unfortunately, we are not able to provide refunds. The money raised by the Kickstarter campaign went entirely into the project and was far short of what the project cost. Funding a Kickstarter campaign is inherently risky – it is not buying a product, it is investing in a vision. Unfortunately, the acquisition of Pebble and discontinuation of the Pebble brand takes away any future market for smartstraps and any opportunity for us to recover the funds spent already or cover future production costs. While we understand our Backers’ disappointment at the outcome of this project, we are unable to provide refunds.
We can’t express enough how much we have appreciated your support throughout this journey. You stuck with us, and for that we will be forever grateful.
Thank you very much.
The FitPay Team