Juul Labs Inc., the e-cigarette company that almost went bankrupt last year, is seeking to raise about $1 billion, according to people familiar with the matter.
Juul is working with Jefferies Financial Group Inc. on the fundraising effort, said the people, who asked to not be identified because the matter isn’t public. The company had about $800 million in revenue in 2022, the people said.
While Juul’s valuation in the round remains unclear, it’s expected to be dramatically lower than the $38 billion it was worth in 2018 when Altria Group Inc. invested in it, one of the people said. Altria divested its stake earlier this year.
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