NJOY, probably the largest maker of electronic cigarettes not owned by a tobacco company, announced it has acquired more than $70 million after its latest round of fund-raising efforts.
“As the only electronic cigarette brand whose corporate mission is to obsolete cigarettes, NJOY is dedicated to delivering the most satisfying products to our customers, advancing the science and expanding the brand globally without the inherent conflicts constraining competitors owned by tobacco companies.”
The largest investors in NJOY were Brookside Capital and Morgan Stanley Investment Management.
NJOY has said that the cash will be used to fund marketing, expansion, and research and development, including clinical trials.
This round of funding mirrors a similar drive from last year — NJOY received another $75 million in June of 2013 from a group of investors, including $10 million from Napster founder and former Facebook president Peter Thiel’s firm, Founders Fund.
E-Cig Maker NJOY Raises More Than $70 Million | CSPnet.
NJOY Gains $70+ Million in Funding
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