Pax Lab Heats Up With $46.7 Million in Series C Funding To Expand and Introduce New Product Lines

Botanical vaporizer manufacturer Pax Labs received $46.7 million in Series C financing from their investors to expand operation to the international market.

According to TechCrunch, some of the existing investors that contributed to the funding round are Tao Capital and Sand Hill Angels. The other investors include Fidelity Management & Research Company and Sivia Capital to name a few.

Pax Labs only sells its products to the United States and Canada as of now. The new funding will help them expand their operations to a broader, international market, TechnologyCloud reports.

According to the company's CEO James Monsees, the funding garnered by Pax Labs isn't based solely on the financials. He said they brought in investors from various industries such as finance, entertainment, pharma, and even from the Silicon Valley. This way, when they tackle expansion and additional product lines, they will have all the expertise they need.

Last week, the company released their Juul tobacco-based vaporizer, which is an e-cigarette that provides more satisfactory results than the usual products in the market today. A lot of e-cigars in the market today have majority of the users coming back to the traditional cigarettes because they don't find it satisfactory. But with Juul, Pax Labs has been working for the past two years to provide that satisfactory experience. The company found the solution by using liquid-nicotine "juice."

Besides Juul, the company also released another tobacco-based product in 2013, the Ploom ModelTwo tobacco vaporizer. Just this February, giant tobacco company JTI acquired ModelTwo. During that time, 500,000 Pax units were sold.

Now, Pax Labs is focused on their Juul and their Pax 2, which is the company's latest generation botanical vaporizer. Monsees aims to expand the company's operation beyond the vaporizer market, though, he hasn't disclosed any information about these ventures yet.