Njoy cigs raise $75 million
Steve’s breakdown: Just last Friday we reported “Tobacco companies are back on TV” and told you about the Vuse brand. Now we have $75 million getting invested in Njoy. To say this is a trend would be understating the situation. Additional brands to watch include V2, Blu and Starfire to name a few.
SCOTTSDALE, AZ: Electronic cigarette brand Njoy has raised $75 million in funding, the company said Monday.
Njoy, whose ads have appeared on New York streets and which recently posted an ad on YouTube featuring rock musician Courtney Love using language not exactly suitable for prime-time television, received the investment from early Facebook investor Sean Parker and Homewood Capital principal Douglas Teitelbaum, the latter of whom will join Njoy’s board of directors.
“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,” Njoy CEO Craig 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.”