NJOY according to a convenience store industry publication has struck a deal worth $20M with venture capital firm Catterton. It will use this infusion of cash to focus mainly on expanding the brand via marketing and business development.
“NJOY is a market leader with outstanding products that have significant consumer appeal and are poised for broader acceptance in the marketplace,” said Michael Farello, a partner of Catterton Partners. “With its wide network of distribution partners, deep new-product pipeline and a strong executive team, NJOY is positioned for significant growth. We look forward to working with NJOY and utilizing our financial and operational resources–as well as our expertise in consumer products–to support the company’s long-term business plans and success.”
It seems like competition in the traditional e-cigarette space is starting to heat up. FIN recently announced an aggressive ad campaign that includes full page ads in Rolling Stone. This should raise the e-cigarette’s profile in the public eye considerably.