Juul Labs has raised an estimated $1.3 billion in funding, reports Reuters.
The company has been seeking financing alternatives in a bid to protect its business as it deals with lawsuits related to the marketing of its e-cigarettes.
Earlier this year, Juul announced a company restructuring aimed at reducing operating costs and positioning the company to continue to advance its mission during a period of regulatory and marketplace uncertainty.
In April, the company agreed to pay $462 million over eight years to settle claims by six U.S. states, along with the District of Columbia, that it unlawfully marketed its addictive products to minors.
In November 2022, the company secured funding from some of its early investors to help keep it afloat while cutting about 400 jobs and reducing its operating budget.
Altria Group exited its stake in Juul earlier this year, days before announcing its purchase of Njoy Holdings for about $2.8 billion.