Apple Watch hasn’t even been out for a month yet but it may have already claimed its first victim in the war for your wrist.

Smartwatch maker Pebble is in big trouble and has applied for a $5 million loan from a Silicon Valley bank to stay afloat, according to a new report that claims the company is having a hard time maintaining growth.

The company has filed for a separate $5 million line of credit, reports TechCrunch, which claims Silicon Valley venture capitalists are spurning the indie watchmaker’s requests for additional capital due to fears the Apple Watch is about to kill it.

Pebble just enjoyed the most successful Kickstarter campaign ever, raising $20 million for its new Pebble Time wristwatch. That might not be enough to keep the company afloat, though, as its roster of employees grows to over 150, with more hiring still taking place.

TechCrunch’s sources say many employees are unhappy with the direction Pebble has taken as it tries to stem competition from Apple Watch and Android Wear watches. The company’s newest watch added new features like a color e-paper display, built-in microphone, higher-quality bands and a new OS.

Preorders for Pebble Time and Pebble Time Steel haven’t started shipping yet, and with rumors surfacing that Apple Watch might be available in stores by June, the wearables startup could be looking at the end of its runway.

Update: Pebble’s community manager Joseph Kristoffer has responded to rumors that Pebble is struggling to raise funding with a tweet pointing to detractors in the comments of TechCrunch’s article claiming all is well at Pebble.

<blockquote class=”twitter-tweet” lang=”en”><p lang=”en” dir=”ltr”><a href=”https://twitter.com/RPGdonts”>@RPGdonts</a> <a href=”https://twitter.com/ericmigi”>@ericmigi</a> No. A rare moment where the comments of a blog post 100% hit the mark. All that needs to be said. <a href=”http://t.co/Bygjud4csD”>pic.twitter.com/Bygjud4csD</a></p>— Joseph Kristoffer (@jisforJoe) <a href=”https://twitter.com/jisforJoe/status/601077786304843776″>May 20, 2015</a></blockquote>

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Source: TechCrunch