Pebble Time Sets A New Funding Record By Raising More Than $20M

Pebble Time, a recently announced smartwatch, has set a new funding record for the most successful product on the Kickstarter. The funding time period for the Pebble Smartwatch ended yesterday raising $20,338,986 from 78,471 backers.

The company met initial funding goal ($500,000) in just 15 minutes. Further they were able to raise $1 million in the next 49 minutes.

The Pebble Time is now Kickstarter's most funded campaign ever. The product, apart from raising $20 million in one month at crowdfunding site, has already received close to $26 million in outside funding.

The Pebble Time has a color e-ink display which provides it a full week of battery life. It also has a waterproof capabilities and a 20 percent thinner battery life.

The company has announced that that it will begin shipping the wearables to backers in May. Pebble has to deliver 48,690 Pebble Time watches by May.