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I admire Pebble as a company and a product, but are you still an underdog once you've raised 30 million?

If you're up against companies with centi-billion cash reserves, yes.

If you raise $30 million, you have a centi-billion cash reserve :-) (http://en.wikipedia.org/wiki/Centi- vs http://en.wikipedia.org/wiki/Hecto-)

Raising $30m and selling $30m of product are different things.

That said, Pebble has raised more than $30m [1].

Not really. Crowdfunding on kickstarter isn't "raising money." It's presales. It's revenue.

They've raised 15mil, and had 2 really successful kickstarter projects.

Correct. I should have scanned the sources.