Juul raises over $750 million in expanded funding round
Reuters
Published Aug 30, 2019 23:36
Juul raises over $750 million in expanded funding round
(Reuters) - E-cigarette maker Juul Labs Inc, which is facing regulatory scrutiny in the domestic U.S market, has raised $785.2 million (639.6 million pounds) in an equity and debt offering as it looks to expand globally, a regulatory filing showed.
A person familiar with the fundraising said the Friday's filing was an expansion of the offering from earlier this month, in which the company said it had raised $325 million, and is intended to "bolster the company's balance sheet as it continues to grow worldwide."
The company sold convertible debt in a bridge financing which was less time consuming than an equity-financing round, the person familiar with the matter told Reuters.
Juul, in which Altria Group Inc (N:MO) has a 35% ownership stake, has been launching its products in international markets like South Korea, Indonesia, and Philippines while facing intense scrutiny from regulators in the U.S. over its e-cigarettes which are widely popular among teenagers.
On Thursday, Reuters reported that the Federal Trade Commission was investigating the marketing practices of the San Francisco-based company, citing a source. (https://reut.rs/2zzDTZr)
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Written By: Reuters
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