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Juul Labs raises $1.3 billion in funding

Juul brand vaping pens are displayed for sale at a Juul shop in Jakarta

(Reuters) -Juul Labs said on Monday it has raised about $1.3 billion in funding, months after the e-cigarette maker revealed plans to lay off about 250 people in a bid to reduce its operating costs.

The company has been seeking financing alternatives and cut jobs twice since last year, in a bid to protect its business as it deals with lawsuits related to the marketing of its e-cigarettes.

Juul disclosed in a regulatory filing it had raised $1.27 billion in funding from a total offering amount of $1.6 billion.

The company did not immediately respond to a request for comment on how it plans to use these funds.

Juul in April agreed to pay $462 million over eight years to settle claims by six U.S. states including New York and California, along with the District of Columbia, that it unlawfully marketed its addictive products to minors.

In November 2022 the company had secured funding from some of its early investors to help keep it afloat, while cutting about 400 jobs and reducing its operating budget.

Marlboro maker Altria also exited its stake in Juul earlier this year, days before announcing a purchase of e-cigarette startup Njoy Holdings for about $2.8 billion.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Shounak Dasgupta)