SCOTTSDALE, Ariz. -- NJOY, a leading independent electronic cigarette company, has 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 Scottsdale, Ariz.-based 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."
In June 2013, the company announced a $75 million funding raise from a group of investors including Sean Parker and Douglas Teitelbaum.
NJOY is currently in more than90,000 stores in the United Stsatesand more than 40,000 across the United Kingdom, Ireland, France, Spain, Italy, Portugal and the Netherlands.
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