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.
V2 has steadily grown its revenue since debuting in 2010, V2 CEO Andries Verleur tells Business Insider.
In 2012, V2 brought in $US50 million in net sales. This year, V2 is on course to bring in about $US80 million in revenue. But if things continue to go well, the company may surpass $US100 million in revenue, Verleur says. If things go really well, they may even hit $US120 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 $US1 billion in revenue. By 2015, it’s expected to become a $US3 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 $US114 million in revenue for Lorillard, its parent big tobacco company.
Startup NJOY is also a big player. It recently raised $US75 million from Facebook billionaire Sean Parker and others.