EVOVE Succeeds In 20 Million Dollars Pre-A Round of Financing

Another significant milestone of vape industry development.

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The electronic cigarettes invented by the Chinese have changed the tobacco industry in Europe and America profoundly in the past ten years. Electronic cigarettes have begun to occupy the position of traditional cigarettes on the retail shelves in Europe and America. However, for many reasons, although the domestic market began to recover this year, smokers’acceptance of electronic cigarettes is still very low, and market education has a long way to go.

 

Vape HK recently contacted the electronic cigarette developer SALT LABS, which is founded in 2016. This is a brand focusing on the research and development of atomization technology and based on the application of atomization technology. At the beginning of its establishment, intensive research and technology obtained 5 million angel rounds of financing from Bofa Capital, and recently completed 20 million Pre-A rounds of financing from Motion Capital. Applications of atomization technology include new tobacco industries, functional ingredient inhalation devices and drug delivery systems. Based on the self-developed atomization technology, the first electronic vape brand EVOVE was released in the UK last month, formally entering the emerging new vape market.

Founder Liu Jihui told Vape HK, “EVOVE started with a very simple idea to change the quality of life of billions of smokers around the world. Cigarettes have long been uncool, and e-cigarettes could be a disruptive application that changes the way people get nicotine over the centuries. SALT LABS believes that smokers have a huge demand for alternative tobacco, which has been verified in Europe and the United States, and the Chinese market has unlimited potential. Policy regulation and market education are the main obstacles to the replacement of traditional tobacco by this category

 

Liu Jihui and Hitesh Dubey, partners from ITC International Tobacco, have many years of experience in electronic cigarettes and tobacco industry. They believe that as electronic cigarettes destined to become fast-consuming products, there are still many pain points at the product end at this stage, and the quality is very unstable. In the fast consumer industry, quality instability is a big trouble. According to the introduction of refined salt science and technology, EVOVE product team, which insists on independent research and development, has made a lot of efforts. In order to achieve a stable taste, the team added intelligent temperature control chips in the first generation product EVOVE, which can monitor the temperature change of the vape pen chamber and adjust the output power in real time to ensure a good taste. When the fume in the vape juice cartridge is exhausted, the protection mechanism of dry burning will be turned on and the power supply will be automatically cut off.

The founding team revealed that CIST insists on independent R&D and has plans to establish joint venture R&D companies and foreign large tobacco cooperation, focusing only on the research and development of electronic tobacco underlying technology. The team believes that the electronic cigarette is far from the final form of the new type of tobacco in the future, and there is a huge space for product upgrading.

 

It is worth mentioning that in order to optimize the user experience, EVOVE’s first electronic cigarette uses a minimalist design without physical keys, but relying on the built-in gravity acceleration chip, users can display battery capacity twice by tapping the fuselage and switch power four times. “Smoking is a matter of physiology and psychology, the user experience is particularly important. In product development, our team pursues the ultimate simplicity of a few fewer actions than smoking, plug and play.

 

EVOVE electronic cigarette has gained a good reputation after its release in Birmingham, UK. On the domestic side, EVOVE adopted crowdsourcing before the major e-commerce platforms launched flagship stores. Up to now, EVOVE’s first small vape product crowdsourcing has been successfully completed, and the final crowdsourcing completion rate is more than 1000%.

In recent years, as European market regulators have increased their control over tobacco, more and more consumers have begun to turn their attention to electronic cigarettes. Take the UK, which has the highest market coverage, as example, with 3 million e-cigarette users out of 8 million smokers. In addition, the UK’s social security benefits also includes e-cigarettes, which are provided free of charge to tobacco users who need to get rid of tobacco.

 

Based on years of overseas experience in the electronic cigarette industry and marketing, SALT LABS has begun to cooperate with local tobacco distributors in parts of Europe and the United States. While focusing on the line, China will begin to test some off-line quality channels, which can easily control the related risks while testing the market.

 

The SALT LABS team told Vape HK that after EVOVE completed the Pre-A round of financing, it will mainly use the funds for the development of next generation products, team upgrading and selling channel construction at home and abroad.

Go to Evove vape official site to check its latest products: https://evovevape.com/

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