According to a Reuters report on August 2, informed sources have revealed that US e-cigarette manufacturer JUUL is seeking funding of approximately $1 billion. It is reported that JUUL's revenue is estimated to be around $800 million in 2022.
JUUL announced in July last year that they were in the early stages of exploring various options, including alternative financing solutions, with the aim of safeguarding their business and facilitating the refinancing of existing loans. This comes as they face legal challenges associated with e-cigarette marketing.
In November of last year, JUUL managed to secure funds from some early investors to sustain its operations. At the same time, the company made the decision to lay off around 400 employees and reduce its operating budget. Altria was previously one of its investors.
According to reports, JUUL is reportedly collaborating with Jefferies Financial Group Inc, a comprehensive investment bank and capital market company, for fundraising purposes.
As of now, both Juul and Jefferies have not immediately responded to Reuters' request for comments.
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E-cigarette manufacturer Juul Labs is reportedly seeking to secure a significant $1 billion in funding, according to a recent report by Bloomberg News.
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