Juul Labs, a US-based e-cigarette manufacturer spun out of e-cigarette producer Pax Labs earlier this year, has raised approximately $112m of a planned $150m round, according to a regulatory filing.
The funding raised so far comes from 23 investors, according to the filing. A company spokesman confirmed the filing to CNBC but did not provide further details.
Juul makes e-cigarettes as an alternative to traditional combustible cigarettes. The company has the largest share of the US e-cigarette market with 32.9%, according to data compiled by Nielson/Wells Fargo.
The company split from Pax to focus on alternatives to cigarettes while its parent caters to the hybrid market, providing devices that allow users to pack their own loose leaves.
Tyler Goldman, who had served as CEO of both companies since August 2016, recently stepped down from both positions. Juul has appointed Kevin Burns to replace him, while Pax has not yet announced a successor.
Pax Labs raised $46.7m in series C funding in 2015 from financial conglomerate Fidelity Management and Research Company, Sivia Capital, Tao Capital Partners, Sand Hill Angels and assorted angel investors and unnamed existing backers.
The company had previously secured $3.2m in 2011, according to a regulatory filing, though further details about previous funding rounds have not been disclosed.