`E-Cigarette Maker Juul Labs Is Raising $1.2 Billion
`
`Investors are valuing the vaping giant at $15 billion.
`
`oo .
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`Juul products Photographer: Bill O'Leary/The Washington Post via Getty Images
`
`By Olivia Zaleski
`June 29, 2018 at 2:40 PM CDT
`Updated on June 29, 2018 at 4:22 PM CDT
`
`@ This article is for subscribers only.
`
`
`
`Juul LabsInc., a startup that makeselectronic cigarettes, is raising $1.2 billion in a financing
`roundthat would value the companyat$15 billion, said people familiar with the matter.
`
`Juul plansto use the influx of cash to expand internationally. Outside of the U.S., Juul's
`flagship vape penis currently only available in Israel and the San Francisco-based company
`wants to broaden distribution, said one of the people, all of whom asked not to be
`identified because the company’s plansare private. Current Juul shareholders include
`
`JLI Ex. 2029, Page 1 of 2
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`Tiger Global Managementand the mutual fund firm Fidelity Investments, according to
`publicly available disclosures. With the new money, the company will be worth more than
`$16 billion. Juul declined to commenton the funding.
`
`Since launching in 2015, the Juul has been a runawaysuccess. Vapers appreciatetheflat
`rectangular product design, discreet size and powerful pre-filled nicotine pods. Sucking on
`a Juul creates a similar sensation to smoking a cigarette.
`
`Asof last month, Juul had captured 68 percentof the U.S. e-cigarette market, according to
`Nielsen data compiled in a Juul investor presentation viewed by Bloomberg. The
`company’s growth has madeit a bright spotin an ailing industry. Since January 2017,
`cigarettes’ share of the smoking and vaping markethasfallen by almost 4 percentage
`points. Juul's market share has jumped by roughly 3.5 percentage points in the same
`period.
`
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`JLI Ex. 2029, Page 2 of 2
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`JLI Ex. 2029, Page 2 of 2
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