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- JUUL
JUUL Revenue, Valuation, Funding & Investors
JUUL is valued at $714M as of December 2022, implied by a shareholder's reported fair value of its stake. JUUL revenue was $1B, as disclosed with its December 2018 round.
Last JUUL valuation
$714M
Write-down · Impairment · Dec 2022
Last JUUL funding round
$1.3B
Undisclosed stage · Nov 2023
JUUL revenue
$1B
Strategic investment · Dec 2018
Key investors in JUUL
Sand Hill Angels
Fidelity
Trog Hawley Capital
Tiger Global
M13
D1 Capital Partners
About JUUL
JUUL is a maker of electronic cigarettes and nicotine pods, headquartered in San Francisco. The business was spun out of Pax Labs in 2017 and was founded by James Monsees and Adam Bowen, two Stanford product design graduates. Its closed-system vaporizer pairs a rechargeable device with replaceable pods filled with a nicotine salt liquid, and it sells them to adult smokers through retail stores, distributors and its own online store. Revenue comes from device and pod sales, with pods the recurring element. The company has sold in the United States, Canada, the United Kingdom and other markets, and it has been the subject of extensive regulatory action and litigation over youth vaping in the United States. It holds proprietary heat and aerosol technology patents and has done a small number of acquisitions to support product engineering.
JUUL Valuation
JUUL is valued at $714M as of December 2022, implied by a shareholder's reported fair value of its stake. Read the announcement ↗
JUUL's valuation has moved from $16B at its undisclosed-stage round in July 2018 to $714M in December 2022, across 2 priced rounds and a write-down.
JUUL valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2022 | Write-down · Impairment | $714M | - |
| Dec 2018 | Strategic investment | $38B | 38.0x |
| Jul 2018 | Undisclosed stage | $16B | 12.0x |
JUUL Revenue
JUUL's latest recorded revenue is $1B, as of its strategic investment round in December 2018. At a $38B valuation, that implies a 38.0x revenue multiple.
Revenue moved from $1.3B in July 2018 to $1B in December 2018, while the revenue multiple moved from 12.0x to 38.0x.
JUUL revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2018 | $1B | $38B | 38.0x | Strategic investment |
| Jul 2018 | $1.3B | $16B | 12.0x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
JUUL Funding History
JUUL has raised a total of $15B across 5 funding rounds.
JUUL's first fundraising round was a $47M Series C in June 2015. The most recent completed round was a $1.3B undisclosed-stage round in November 2023.
JUUL funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2023 | Undisclosed stage | - | $1.3B | - | JUUL Labs, the e-cigarette maker, raised about $1.3 billion in new equity financing in November 2023. A regulatory filing showed $1.27 billion sold out of a total offering of $1.6 billion, and the investors in the round were not named. The raise followed a November 2022 financing from some of the company's early investors that helped keep it operating while it cut about 400 jobs. In April 2023 JUUL agreed to pay $462 million over eight years to settle claims by six US states and the District of Columbia that it had unlawfully marketed addictive products to minors, and it announced plans to lay off about 250 further people to reduce operating costs. Altria had exited its JUUL stake earlier in 2023. JUUL relocated its headquarters to Washington DC in 2020 and sells vaping devices and nicotine pods. |
| Dec 2018 | Strategic investment | Altria Group (lead) | $13B | $38B | Altria Group agreed on 20 December 2018 to invest $12.8 billion in cash for a 35% stake in JUUL Labs, valuing the e-cigarette maker at $38 billion, roughly two and a half times the $15 billion valuation of its Tiger Global-led round five months earlier. Altria, the maker of Marlboro, bought non-voting Class C-1 shares that were to convert to voting stock on antitrust clearance, and agreed not to compete in e-vapour for six years, to provide JUUL with retail shelf space and to run its logistics and distribution. JUUL's founders and employees received a $2 billion special dividend from the proceeds. JUUL, spun out of Pax Labs in 2017, had captured about three-quarters of the US e-cigarette market with net revenue of about $1.3 billion in 2018. The investment was later heavily written down as JUUL faced FDA action and litigation over youth vaping, and Altria exchanged its stake for intellectual-property rights in 2023. |
| Jul 2018 | Undisclosed stage | Tiger Global (lead); Bracket Capital; Darsana Capital Partners; Fidelity; Applied Biosciences; Sand Hill Angels; D1 Capital Partners; E Squared Capital Management | $650M | $16B | JUUL Labs, the San Francisco-based e-cigarette manufacturer known for its vaping devices and nicotine pods, reported strong growth in 2018 with net revenue of $1.3 billion, up significantly from previous years, driven by domestic sales of devices ($702 million, 54%) and pods ($598 million, 46%). The company achieved overall profitability for the year with a profit of $12.4 million, despite a Q4 adjusted loss of $70.4 million in the U.S. offset by international success. Various reports confirmed JUUL's 2018 revenue around $1 billion to $1.3 billion net, marking a five-fold increase from $200 million in 2017. In October 2018, JUUL raised approximately $1.2 billion in a funding round, with Tiger Global as a key investor among others. The round highlighted JUUL's rapid appeal to investors amid its explosive growth in the vaping market, dominating college and high school campuses despite emerging scrutiny over youth usage. Following the funding, JUUL's trajectory shifted with Altria's late 2018 investment of nearly $13 billion for 35% stake, implying a $38 billion valuation, but this was a separate transaction. JUUL faced increasing regulatory and public backlash for marketing practices perceived to target youth, leading to sales restrictions on flavored pods. |
| Dec 2017 | Undisclosed stage | Trog Hawley Capital; Sand Hill Angels | $112M | - | JUUL Labs disclosed in an SEC filing on 19 December 2017 that it had raised $111.5 million from 23 investors toward a $150 million convertible note offering, its first financing after being spun out of Pax Labs as a separate company earlier in 2017. The filing listed Pax co-founders James Monsees and Adam Bowen together with directors including Nicholas Pritzker and Riaz Valani, and the investor base was drawn largely from the existing Pax shareholder group including Tao Capital and Sand Hill Angels. JUUL's nicotine-salt e-cigarette had by then captured a rapidly growing share of the US vapour market, with sales rising several-fold during 2017. The convertible notes preceded the company's $650 million equity raise at a $15 billion valuation led by Tiger Global in July 2018 and Altria's $12.8 billion investment at a $38 billion valuation in December 2018. |
| Jun 2015 | Series C | Sand Hill Angels (lead); Tao Capital Partners (lead); Fidelity; M13; Trog Hawley Capital; Night Owl Ventures; IPD Capital | $47M | - | Pax Labs announced a $46.7 million Series C financing round in June 2015 led by existing investors Tao Capital and Sand Hill Angels, with participation from Fidelity Management & Research Company, Sivia Capital, and others. The round was intended to support international expansion beyond the United States and Canada and to develop additional products across multiple categories. Just prior to this funding announcement, Pax Labs had unveiled the Juul tobacco-based vaporizer, positioning it as a superior alternative to existing e-cigarette products on the market. The Series C marked a significant milestone in the company's development before its later emergence as a dominant player in the vaping industry. |
Who has invested in JUUL?
14 investors have backed JUUL across its funding rounds, including Sand Hill Angels, Fidelity, Trog Hawley Capital, Tiger Global, M13 and D1 Capital Partners.
Lead investors include Altria Group, Tiger Global, Sand Hill Angels and Tao Capital Partners.
JUUL Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Jun 2015 | ||
| 2 | Participant | Jun 2015 | ||
| 2 | Participant | Jun 2015 | ||
| 1 | Lead | Jun 2015 | ||
| 1 | Participant | Jul 2018 | ||
| 1 | Participant | Jul 2018 | ||
| 1 | Participant | Jul 2018 | ||
| 1 | Participant | Jun 2015 | ||
| 1 | Participant | Jun 2015 | ||
| 1 | Lead | Jul 2018 | ||
| 1 | Participant | Jul 2018 | ||
| 1 | Lead | Dec 2018 | ||
This data is available for Pro users. Sign up to see all 14 JUUL investors. Start Free Trial | ||||
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Start Free TrialAcquisitions by JUUL
JUUL has acquired 1 company to date.
Last acquisition by JUUL was on November 28th 2018. JUUL acquired Envenio for undisclosed valuation.
Latest Acquisitions by JUUL
| Description | Envenio is a Cincinnati-based computational fluid dynamics service operating on high-performance computing clouds. The company offers on-demand CFD simulations for engineering applications in aerospace, automotive, and energy sectors, leveraging GPU-accelerated architectures for faster turnaround. Envenio serves clients needing high-fidelity modeling of aerodynamics, heat transfer, and multiphase flows, with results accessible via web portals. |
| HQ Country | |
| HQ City | Fredericton |
| Deal Date | 28 Nov 2018 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all JUUL acquisitions and their M&A valuation multiples. Start Free Trial | |
JUUL Competitors
JUUL competitors include listed companies like Ispire Technology, Altria Group, British American Tobacco Bangladesh and Carreras, and private ones like Cannadips and National Tobacco Enterprise.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $96M | ($29M) | $90M | 0.7x | ||
| Private | - | - | $5M | - | ||
| Publicly listed | $20B | $11B | $127B | 7.2x | ||
| Publicly listed | $670M | $180M | $807M | - | ||
| Publicly listed | $132M | $57M | $892M | - | ||
| Private | - | - | $1.3B | - |
JUUL Public Comps
JUUL is still privately-owned, but its public comps include British American Tobacco Bangladesh, Carreras, Scandinavian Tobacco, Haypp Group, Universal Corp., BAT Kenya, Ceylon Tobacco Company, VST Industries, Bulgartabac Holding and AIR Global.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $670M | $180M | 1.1x | - | 4.2x | 2.7x | |||
| $132M | $57M | 6.7x | - | 15.5x | - | |||
| $1.4B | $233M | 1.3x | 1.3x | 7.3x | 6.4x | |||
| $391M | $19M | 1.2x | 1.0x | 25.1x | 20.8x | |||
| $2.9B | $228M | 0.8x | 0.8x | 9.7x | 8.6x | |||
| $179M | $63M | 2.1x | 2.0x | 6.0x | 6.1x | |||
| $200M | $161M | 4.6x | 4.3x | 5.7x | - | |||
| $155M | $51M | 1.8x | - | 5.6x | - | |||
This data is available for Pro users. Sign up to see all JUUL competitors and their valuation data. Start Free Trial | ||||||||
Common questions about JUUL
| When was JUUL founded? | JUUL was founded in 2015. |
| Where is JUUL headquartered? | JUUL is headquartered in San Francisco, CA, United States. |
| Is JUUL publicly listed? | No, JUUL is a private, VC-backed company. |
| What is JUUL's valuation? | JUUL is valued at $714M as of December 2022, implied by a shareholder's reported fair value of its stake. |
| How much funding has JUUL raised? | JUUL has raised $15B across 5 funding rounds. |
| What was JUUL's last funding round? | JUUL's last funding round was a $1.3B undisclosed-stage round in November 2023. |
| Who are JUUL's investors? | JUUL's investors include Sand Hill Angels, Fidelity, Trog Hawley Capital, Tao Capital Partners, Bracket Capital, Darsana Capital Partners, Applied Biosciences, M13, Night Owl Ventures, Tiger Global and 4 others. |
| What is JUUL's revenue? | JUUL's latest recorded revenue is $1B (December 2018). |
| What is JUUL's revenue multiple? | JUUL's latest valuation implies a 38.0x revenue multiple ($38B valuation on $1B of revenue). |
| Which companies are comparable to JUUL? | Companies comparable to JUUL include Ispire Technology, Cannadips, Altria Group, British American Tobacco Bangladesh, Carreras and National Tobacco Enterprise. |
| How many companies has JUUL acquired? | JUUL has acquired 1 company, including Envenio. |
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