E- cigarette maker NJOY raises $75m

Funding to be used for marketing, clinical trials, R&D, global expansion

Tags: Njoy (www.njoy.com)USA
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E- cigarette maker NJOY raises $75m US-based NJOY plans to expand into other markets. (Getty Images)
By  ITP.net Staff Writer Published  June 12, 2013

US-based electronic cigarette brand NJOY, maker of the ‘NJOY King' e-cigarette, has raised $75m in funding, NJOY CEO Craig Weiss announced today.

Investors include serial entrepreneur and investor Sean Parker; and Douglas Teitelbaum, principal of Homewood Capital. Teitelbaum will join NJOY's board of directors.

Funding will be used for marketing, clinical trials, research and development, and international expansion.

"These individuals are among the world's leaders in identifying paradigm-shifting consumer technology investment opportunities, and their investment represents confidence in NJOY's model," Weiss said.

"The successful completion of this capital raise underscores the growth potential for NJOY as it continues to lead the electronic cigarette market, and our ongoing confidence in the huge promise of our business."

Teitelbaum said: "The electronic cigarette category, and NJOY in particular, show great potential. After lengthy study, Sean and I are convinced that NJOY will continue to innovate and lead the smoker away from all the negatives of combustion with their smoker familiar product.

"As a former smoker, and after trialing many products in search of a compelling alternative to cigarettes, I found the NJOY King to be in a league of its own in terms of flavor, brand, and product experience. There are 46m US smokers, most all of whom are, for a variety of reasons, interested in an alternative to cigarettes that will provide the same flavor and brand reliability. NJOY's standards firmly establish their leadership role in guiding the smoker towards a better future. We are honored to put the capital behind this worthwhile effort."

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