This E-Cigarette Company Is On Track To Generate North Of $100 Million This Year

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E Cigarette Chris Anderson Business Insider 12

Robert Johnson

E-cigarettes are becoming much more commonplace.

From 2010 to 2011, e-cigarette use in the U.S. doubled, according to the Center for Disease Control. 

You may see your co-worker smoking one at her desk, or you may see the passenger on your flight in Seat 3F smoking the vape. 

There are, of course, concerns regarding the safety of e-cigs and even whether or not they're "cool." But nonetheless, it's a huge market that e-cig startup V2 has tapped into in just three years. 

V2 has steadily grown its revenue since debuting in 2010, V2 CEO Andries Verleur tells Business Insider.

In 2012, V2 brought in $50 million in net sales. This year, V2 is on course to bring in about $80 million in revenue. But if things continue to go well, the company may surpass $100 million in revenue, Verleur says. If things go really well, they may even hit $120 million. 

Moving forward, V2 wants to expand its business into the offline world, Verleur says. Right now, it makes most of its money online. Offline sales only account for about 20% of the business. By 2014, V2 wants its offline sales to outpace the growth of its online sales. 

Even though V2 is doing well, it's not even the biggest player in the growing e-cig space.  This year,  e-cig companies are expected to bring in more than $1 billion in revenue . By 2015, it's expected to become a $3 billion market by 2015 .

Blu Cigs is the top brand with about 40% of the market share. In just the first half of 2013, Blu Cigs generated $114 million in revenue for Lorillard, its parent big tobacco company. 

Startup NJOY is also a big player. It recently raised $75 million from Facebook billionaire Sean Parker and others.  



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