The company had been seeking a valuation as high as $5 billion, but investors balked at that lofty figure
NJOY is gaining market share with a new vaping device that heats flavored nicotine-laced liquids. Photo: Angela Owens/The Wall Street Journal By Jennifer Maloney and Juliet Chung May 17, 2019 3:49 p.m. ET
NJOY raised about $130 million in the latest round, bringing the total the company has raised this year to more than $200 million, people familiar with the matter said. A round that closed in February valued the company at $1.2 billion.
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