Silicon Valley e-cigarette start-up, Juul Labs, is bringing its small vaping device to the United Kingdom, aiming to expand its U.S. success overseas. Juul Labs seeks to dissuade the country’s 7.4 Million smokers off traditional cigarettes and tap into the world’s second largest e-cigarette market.
Since it first launched in the U.S. in 2015, Juul has transformed the market, where it now accounts for 70% of tracked e-cigarette sales.
According to the Financial Times, this month, the Company closed the first USD 650 Million of a USD 1.25 Billion funding round that values Juul at USD 15 Billion, with the rest to be closed by the end of the month. New funds will be used for international expansion and research.
James Monsees, the Company’s Founder, said, “Smoking has been called the biggest health issues of our time. Juul gives people the satisfaction of smoking so they can switch when they are ready to do so.” The Company’s core mission is to eliminate combustible cigarettes from the face of the earth.
As cigarette smoking has become less popular, alternatives and the U.K.’s vaping scene have boomed. In the U.K. alone, the smoking population has been falling since 1974. Out of the 7.4 Million smokers in the U.K., 2.8 Million of them are vape users.
There has been a variety of researches on the science of quitting. The Centre for Substance Use Research found that 64% of U.S. Smokers who tried Juul no longer smoked cigarettes, while researchers at Georgia State University found no evidence that the use of e-cigarettes made people give up smoking.
A huge issue, though, is while it’s less dangerous than inhaling burned tobacco, teen Juuling represents a massive and unforeseen concern in the U.S. Juul is also facing legal pressure and investigating whether Juul has marketed its products to teens.