Electronic cigarette business NJOY has taken advantage of the surge in interest in the product by pulling in more than $70m of new capital.
Brookside Capital led the round alongside Morgan Stanley Investment Management, GAM Technology Strategy and other institutional investors.
NJOY said it planned to use the funding to expand its marketing and international growth and to back R&D initiatives including clinical trials.
NJOY CEO Craig Weiss said, “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 addition of world-class institutional investors is a reflection of our performance to date, their confidence in NJOY and its growth prospects, and their belief in our mission.
“The e-cigarette category is robust and competitive, but NJOY’s approach to the market, strong product development pipeline, and thought leadership on key scientific and research issues distinguishes us as the leader they believe is best positioned to ultimately win.”
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