Pebble's first KS campaign resulted in $10MM in pledges. The second campaign resulted in $20MM. The third campaign resulted in $10MM.

The second campaign revamped the interface and added capabilities for voice input and other "productivity" features. The third campaign added a heartrate monitor, more fitness features and the Core, a separate device specifically targeted at runners.

Also, Pebble only started bleeding money in 2015, which would presumably be when the pivot to fitness started. Pebble had lost the "innovation" advantage to Apple (and the various Android Wear devices that had sprung up before) but had evidently carved out its own highly successful niche.

It's the typical startup problem: they were brilliant at one thing and all their users loved them, but that was too small a niche to justify their investments so they had to expand or pivot and died in the ocean instead of succeeding as a big fish in a small pond.