Juul Labs, a San Francisco, CA-based e-cigarette company, raised $785m in a convertible debt sale.
Per an SEC filing, the round’s target is $800.1m. Fourteen backers have participated in the offering.
Co-founded by Adam Bowen and James Monsees, Juul Labs is an electronic cigarette company which spun off from Pax Labs as an independent company in 2017. It offers nicotine vaporizers, several flavored packs, charging docks and cases.
The Juul device is a vaporizer that has regulated temperature control and uses a pod filled with a proprietary e-liquid formulation that combines glycerol, propylene glycol, natural oils, extracts and flavor, nicotine and benzoic acid. The user can accommodate cigarette-like nicotine levels.
Backers in the company included technology investors Fidelity Investments and Tao Invest, among others.