Jul has all the quality of a standard Silicon Valley success – fat profit margins, explosive growth, and even the culture of catching up with its name as a verb.
But the three-year-old start-up isn't a simple technology company: it sells addictive e-cigarettes.
The popularity of teens has provoked a backlash from the authorities, and the announcement last month that it would join forces with Altria, which made Marlboro cigarettes, just rammed up the controversy.
So how did the company grow to be more than $ 38bn (£ 30bn)?
How did the firm start?
Julie shares an original story with many other Silicon Valley firms.
First, Adam Bowen, 43, and James Monsees, 38, met in the early 2000s at Stanford University Graduate School, where they studied product design.
Smokers themselves, they are looking for a way to make cigarettes less carcinogenic and foal-smelling, and more socially fit.
They set up their company packs labs in 2007 and spent about a decade working on wipes products, before launching in 2015.
The device, often resembling an unusually long cautious, disperse liquids inserted through a pod, which come in flavors such as tobacco, mint and mango, can provide a nicotine rush equivalent to a pack of cigarettes.
How big is it?
Pax Labs spindle Ju as an independent company in 2017, and since then its growth has been astonishing.
In 2018 alone, JV expanded by about 225 employees to approximately 1,500, as sales more than tripled, according to analyst estimates.
The company now claims some 70% of the US dollar. There. E-cigarette market, putting it on track to make sure some analysts estimate will be well over $ 2bn in sales this year.
- Wapping: Good, bad or not clear?
- More things are waving – what?
Jul also sells in seven countries outside the US. It includes the UK, Germany and France.
Altria's deal to take a 35% stake in JVL, valued the company at more than $ 38bn – more than double the $ 16bn valuation settled on its recent financing round in July.
The deal made Julie's two co-founders billionaires, according to Forbes. It also launched its three-year-old start-up on a par with the publicly listed companies such as Ford and Delta Airlines.
What's unique about Ju?
The label does not use the cancer-causing tobacco burning process of traditional cigarettes.
But in the US. It does provide more nicotine than many rivals with American brands – a design that the company says is designed to help smokers switch to their products.
That addictive quality is one reason why Julé was caught.
Analysis also quote Julie's flavors, discreet size and easy-to-use features, while critics charge early advertising campaigns for creating a "cool" factor that appeals to youth.
Investors focused on JVL's financial prospects emphasize that its products are cheaper than cigarettes and have higher profit margins.
Why does this matter?
There are about 38 million adults who smoke cigarettes in the US. It does, according to the Centers for Disease Control and Prevention, although that number is falling. The percentage of adult smokers sewage from nearly 21% in 2005 to 15.5% in 2016.
Just as much of what is due to E-cigarettes is not entirely clear.
But Ju – who had a stated mission of replacing traditional cigarettes – argues that his growth, along with an accelerating decline in cigarette sales, is no coincidence.
About 25% to 45% of Julie's sales might be replacing the cigarette consumption of Piper Jaffrey's analysts.
Those trends pose enough of a threat to altheria to pay off the dollar.
"Although we think JVL has [Altria] Over a barrel, the best decision in our minds was for [Altria] To bite the bullet [and] Take a stake in Jool rather than face potential downside risk, "Bonnie Herzog, a Managing Director at Wells Laws Securities, wrote in a note to clients.
On a call with investors, the Altry Chef Howard Villard said he was certain that the JVL was worth the price, noting that Ultra has monitored the growth of the company for some time.
"That constantly happened was exceeded by our optimistic growth projections," he said.
How will Julie's growth continue?
The bundle-up with Ultra should help JVL its products in more stores in the US. There. And benefit from the Altina's labyrinth.
It is also planned to be a major international expansion at the beginning of the year, still venturing abroad for the first time in 2018.
But there is a lot of uncertainty ahead.
In US There, where authorities have pronounced E-cigarette use among teens an "epidemic," Ju announced steps to curb their use among young buyers, including suspending sales of some of its popular flavors – such as mango, creme and cucumber – In the least.
The company, which is under the research of the US. There. Food and Drug Administration (FDA) also closed down the social media accounts and paid $ 30m for research as well as for youth and parent education.
Abroad, the company faces different regulatory challenges – noticeable restrictions on nicotine levels in some markets, including the UK, which could make its pods less distinctive compared to rival e-cigarettes.
In the US The US, Jules Pods, which contain 5% by weight of nicotine – higher than many of its competitors – although in places such as the EU. It was reduced to 1.7%.
And while analysts say the profit margins of the company are well over the traditional cigarettes, that's at least in part because it is free from taxes on traditional tobacco.
Morgan Stanley analyst Pamela Kaufman, at the moment, Altaa's decision to invest is looking strategic, albeit trivial, but there are risks due to the "potential for further FDA regulation".