In the race to become the most popular e-cig, NJOY is a serious competitor. In the past few months, we’ve seen NJOY backed by celebrities like Courtney Love and Bruno Mars. Now, two new investors have stepped forward to provide the e-cig maker with $75 million for research and expansion. New investors Sean Parker and Douglas Teitelbaum believe in the future of e-cigarettes and they have made a serious financial investment to prove it.
Sean Parker is no rookie when it comes to investing in new technology. Best known for his role as Facebook’s first president and the co-founder of Napster, Parker is always looking for a promising new market to get involved in. This week, he spoke out about his new investment in NJOY and said, “As an entrepreneur and investor I’m drawn to disruptive companies in explosive new markets… I’m optimistic that the clever application of technology might someday obsolete the combustion cigarette and all the harm it causes.”
Douglas Teitelbaum is equally passionate about getting involved as an investor with NJOY. He said, “There are 46 million US smokers, most all of whom are, for a variety of reasons, interested in an alternative to cigarettes that will provie the same flavor and brand reliability. NJOY’s standards firmly establish their leadership role in guiding the smoker towards a better future. We are honored to put the capital behind this worthwhile effort.”
NJOY announced that the $75 million in new investor funds would go straight to clinical trials, new research, marketing, and international expansion. With many smokers looking for adequate research on e-cigs before they make the switch, NJOY is certainly making a wise decision by focusing on research and trials. It’s possible that they will even push for new regulations in the e-cig industry, which would be a disaster for smaller companies who couldn’t compete against the financial backing of NJOY.
Moving the brand to an international market is also a smart move. E-cigs are becoming popular throughout the world, but particularly in Europe. By getting in on the international market while it is still young, the company can establish a reputation as the best e-cig brand and attract a lot of attention while competition is still miniscule.
The future is certainly bright as NJOY continues to grow and expand with new loyal customers each month. According to Business Week, they are currently enjoying 36 percent of the e-cig market, while the overall industry is expected to hit more than $1 billion in annual sales in the near future.