NJOY, a Scottsdale, Arizona-based electronic cigarette brand, raised $75m in funding.
Backers included serial entrepreneur and investor Sean Parker and Douglas Teitelbaum, Principal of Homewood Capital. In conjunction with the funding, Mr. Teitelbaum will join NJOY’s Board of Directors.
The company intends to use the funds for marketing, clinical trials, research and development, and international expansion.
Led by CEO Craig Weiss, NJOY offers a variety of rechargeable and non-rechargeable electronic cigarette products made for adult smokers. The company’s products are available in more than 60,000 retail stores nationwide.