Proving just how successful sites like Kickstarter can be, smartwatch maker Pebble has surpassed all previous records.

It launched a campaign to fund its latest device, called Time, on the last day of February and in just 28 days raised a staggering $20.3 million (£13.7 million) from 78,471 backers.

This beat the previous funding record for Coolest Cooler which raised $13.2 million (£8.6 million).

Pebble launched the Kickstarter campaign to fund its latest device, called Time (pictured), on the last day of February and in just 28 days it raised $20.3 million (£13.7 million) from 78,471 backers

The Californian firm also used the momentum of the campaign to launch a scheme hoping to encourage designers to build their own 'smartstraps' for its new watch.

It will pay up to £637,000 ($1 million) to help develop the best designs and has unveiled a prototype example that can turn the watch into a standalone device.

This strap, designed by Spark.io, features a 'cellular development kit' meaning the watch can connect directly to a mobile network.

It is just a prototype at the moment, and the exact functionality hasn't been revealed, but this would reduce the Pebble Time's reliance on a connected phone, for example.

Another example strap presented by Pebble is Seeed Studio’s modular strap that lets wearers add different functions.

The new Time smartwatch (pictured) comes with a colour e-paper screen similar to the technology used on e-readers such as the Amazon Kindle, with Pebble promising up to seven days battery life as a result. The watch is also water resistant. It is the firm's third product to launch on Kickstarter

The firm also used the momentum of the campaign to launch a scheme hoping to encourage designers to build their own 'smartstraps' for its new watch. It will pay up to £637,000 ($1 million) to help develop the best designs and has unveiled a prototype by Spark.io (pictured) that connects the watch to a mobile network

It works in a similar way to Google's Project Ara modular phone and people can add and replace components, adapters and other accessories.

Pebble has now published 3D printing files and released details about the watch's connectors to help designers create the bespoke straps.

The Time smartwatch is Pebble's third product, but the first to feature a colour screen.

It raised more than £5.8 million ($9 million) in its first day and the device will ship by July.

Pebble's original smartwatch is third on the all-time highest funding list, having raised more than £6.5 million ($10 million) after having an initial funding goal of £65,000 ($100,000).

Another example strap presented by Pebble is Seeed Studio’s modular strap (pictured) that lets wearers add different functions. It works in a similar way Google's Project Ara modular phone and people can add and replace components, adapters and other accessories

Pebble has now published 3D printing files and released details about the watch's connectors (shown) and circuit boards to help designers create bespoke straps. It has not revealed how the funds will be distributed

The Time smartwatch comes with a colour e-paper screen similar to the technology used on e-readers such as the Amazon Kindle, with Pebble promising up to seven days battery life as a result. The watch is also water resistant.

The Time will have a retail price of £129 ($199).

At the Mobile World Congress technology show in Barcelona in earlier this month, Pebble announced it would also be selling a high-end Steel version of the Time that would cost around £160 ($245), and look similar to the premium version of the Apple Watch.

Pebble's Time raised more than £5.8 million ($9 million) in its first day on Kickstarter. Now the campaign ihas finished the watch will retail for £129 ($199). Backers were able to get the device at a discount