It’s getting bigger – again.
JUUL Labs, with its newly minted $15 billion valuations, is poised to expand overseas. The fledgling company’s corporate operations will go international by opening an office in London. Then, over the short-term, footholds in France, Israel and Singapore will be established, according to businessinsider.com.
Based in San Francisco, JUUL anticipates raising $1.2 billion via private equity and has plans to expand its headquarters. With its unique nicotine delivery, JUUL’s vape pen is spearheading an industry surge.
In the 52 weeks ending June 18, JUUL’s sales soared to $942.6 million, Wells Fargo analysis of Nielsen data revealed. During the identical timeframe, the e-cigarette industry rose to $1.96 billion, according to CNBC.
During the first half of 2018, JUUL’s employment total nearly tripled and the company has established domestic footprints in at least 19 cities, including Boston and Chicago.
As JUUL continues to grow, it is known to be less harmful than inhaling combustible cigarettes. However, it faces several industry issues, including local ordinances banning or limiting vaping, growing parental concern over the potential hazards of underage vaping and future advertising tactics.
Noted as the most popular e-cigarette on the market, JUUL, with its sleek design and enjoyable flavors, is now a widely used verb. The act of vaping is known in some circles as “JUULing.”
With that kind of street cred, it’s little wonder the company hit the private equity markets over the past two years.
In two previous funding rounds, JUUL raised $761.5 million in venture capital and convertible notes. On July 10, JUUL announced a $650 million venture-round investment by Tiger Global Management. Specializing in digital and social media, Tiger Global has approximately $25 billion in assets under management. It has 42 exits, according to crunchbase.com.
London last week?
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