Juul Labs Completes Approximately $1.3 Billion Financing Round

JUUL Labs announced that it has successfully raised $1.3 billion in equity financing, but has not disclosed the intended use of the funds.

According to a report by Reuters on November 13, Juul Labs announced on Monday that the company has raised $1.27 billion in equity financing from a total financing plan of $1.6 billion, following a round of layoffs of 250 employees to reduce operating costs.

Currently, Juul has not responded to inquiries regarding the intended use of these funds.

In April 2023, Juul agreed to pay $462 million over eight years to settle allegations from six U.S. states, including New York, California, and the District of Columbia, regarding its illegal sales of addictive products to minors.

In November 2022, the company secured funding from some early investors to help sustain operations while laying off about 400 employees and reducing its operating budget. Altria also exited its stake in Juul this year, subsequently acquiring the e-cigarette startup Njoy Holdings for approximately $2.8 billion.