FEW VENTURE-CAPITAL INVESTORS have forgotten the story of Pebble: In 2012, after every VC firm on Sand Hill Road had passed on investing, the smartwatch startup raised more than $10 million on crowdfunding site Kickstarter. It was an unheard-of amount for a crowdfunding campaign, and the resulting hype made Pebble an internet sensation. Then the VCs, suffering from FOMO, begged Pebble to let them invest. The startup eventually raised a total of $59 million.
