US-based e-cigarette manufacturer Pax Labs attracted $46.7m yesterday for a series C round led by unnamed existing investors and including diversified financial conglomerate Fidelity Management and Research Company.
The round also featured Sivia Capital, Tao Capital Partners, Sand Hill Angels and a range of angel investors.
Originally named Ploom, Pax Labs produces a range of e-cigarette products, and will use the new funding to support an expansion in the US and internationally. The company also hopes to enter new verticals.
According to a regulatory filing, the company previously secured $3.2m in 2011, though it has not disclosed further details about previous funding rounds.
James Monsees, chief executive and co-founder of PAX Labs, said: “Vaporisation is a highly disruptive technology, and we are focused on applying our innovations across new industries and use cases.”
– image courtesy of Pax Labs