E-Cigarette Maker Juul Labs Inc. is working with Jefferies Financial Group Inc. to raise USD 1 billion in funding, reports Bloomberg.

People familiar with the matter, who have asked not to be identified, have claimed that Juul is working with Jefferies Financial Group Inc. on a fundraising effort to raise USD 1 billion.
According to Bloomberg, as of 2022, Juul had around USD 800 million in revenue and though the company’s current valuation is unclear it is most probably a lot lower than its USD 38 billion worth in 2018 when Altria Group Inc. invested in it. Juul faced bankruptcy last year but was saved by longtime shareholders Nick Pritzker and Riaz Valani with plans in place to reorganise by cutting jobs and the operating budget. The company has faced bad press and a number of lawsuits claiming that its marketing targeted minors.
The move to try and gain funding is not public and it is yet unclear whether the amount of USD 1 billion could change.
According to Bloomberg, a spokesperson for Juul declined to comment. A representative for Jefferies didn’t immediately respond to a request for comment.