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SCOTTSDALE, Ariz. — The mythical unicorn is alive and well in Scottsdale in the form of NJOY.
The electronic cigarette and vapor product company has landed on Fortune magazine's "The Unicorn List." NJOY occupies the No. 109 spot out of 174.
"Unicorns" are private companies valued at $1 billion or more. According to Fortune, "the billion-dollar technology startup was once the stuff of myth. Today they're seemingly everywhere, backed by a bull market and a new generation of disruptive technology."
NJOY made the list with a valuation of $1.2 billion. The company, led by CEO Paul Sturman, was founded in 2006 and joins other notable "unicorn" names like Uber (No. 1), Snapchat (No. 6), Spotify (No. 15), Instacart (No. 61) and BuzzFeed (No. 83).
NJOY's brands include NJOY Daily and NJOY King. It offers products across all form factors: disposable and rechargeable e-cigalikes, open system e-liquids and vaping devices, and advanced closed system e-liquids.
The products are available across all major channels of distribution, including convenience stores, drug stores, mass merchandisers, vape shops and online.