NJOY said Monday that it has raised more than $70 million in funding. Brookside Capital and Morgan Stanley Investment Management led the round. According to the company, the capital infusion will be used for marketing, expansion and research and development. Headquartered in Scottsdale, Arizona, NJOY is a maker of electronic cigarettes.
SCOTTSDALE, Ariz., Mar 03, 2014 (BUSINESS WIRE) — NJOY, the world’s leading independent electronic cigarette company, today announced that it has completed another successful private fundraising round attracting more than $70 million in capital. The round was led by Brookside Capital along with Morgan Stanley Investment Management, investing on behalf of mutual funds and other pooled vehicles for which it acts as investment adviser, GAM Technology Strategy and other institutional investors. The financing will be used to fund the company’s marketing, international expansion and research and development initiatives, including clinical trials.
“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,” said Craig Weiss, CEO of NJOY. “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.”
NJOY is known as an industry pioneer and leader for its product quality, responsible marketing and creative branding, and continues to attract unique strategic investors. In June 2013, the company announced a $75 million funding raise from a group of investors including Sean Parker and Douglas Teitelbaum.
NJOY is known as the industry’s “Gold Standard” due to its best-in-class products, patented technology, superior branding, experienced management team and responsible business practices. NJOY is the first independent electronic cigarette company to support the nationally recognized We Card Program and join its Manufacturers Advisory Council as part of its efforts to prevent underage use of its products. NJOY is currently in over 90,000 stores in the U.S. and more than 40,000 across the UK, Ireland, France, Spain, Italy, Portugal and the Netherlands. NJOY offers disposable and rechargeable electronic cigarette products for adult smokers. These products provide nicotine with rich tobacco or menthol flavor, without tobacco smoke or odor. NJOY is headquartered in Scottsdale, Arizona and has offices in New York and London. To learn more about NJOY products visit www.NJOY.com .