SNOWPLUS has announced global investment results from 2019 through February 2020 amounting to approximately $125 million USD. The funding has come from investors in Asia, North America, Europe and the Middle East.
The company has confirmed funding from Hong Kong-based HK Rothsfortune Investment Management Limited among other investors as it further prepares for entry into global markets.
“We have invested in SNOWPLUS because of their strong global strategy which sets them up for success in both domestic and international markets,” said Charles Zhu, Managing Partner of HK Rothsfortune Investment Management Limited. “With strong performance in the domestic market, SNOWPLUS has proven that they are capable of achieving success and fulfilling their mission of providing better smoking alternatives for adults at the global level.”
This funding has already seen the establishment of sales teams, partnerships and other expansion efforts across four regions globally including North America, Europe, the Middle East and Southeast Asia. SNOWPLUS has a fully developed international strategy that involves responsibly expanding into global markets by working with local industry players.
The company will strengthen its presence in the domestic market as it continues to actively expand to targeted international markets with more optimized environments for SNOWPLUS products, bolstering its presence on the international stage.
“This latest round of investment puts us one step closer to realizing our vision of providing better alternatives that satisfy adult smokers globally,” said Derek Li, Co-founder of SNOWPLUS. “Moving forward, we will continue to innovate, applying the latest and most cutting-edge technologies to our products to provide global adult users the optimal vaporizer experience. We will also remain steadfast in forging industry alliances and joint ventures with local companies.”
Progress has already been made in deployment to these global markets, with the building of teams in the UK, Canada and the Middle East.
“There are over 100 million smokers in the Middle East, where the vaping penetration is estimated to be only 5% among smokers. We have seen a much higher conversion over the years in countries like the UK and Canada. With more favorable sentiment from regulators followed by the legalization of vaping products in the UAE, the Middle East is of significant growth potential for us. Our products meet the standards set by the Emirates Authority for Standardization and Metrology and we are in the process of certification. We will participate in the World Vape Show scheduled between June 3 and 5 this year. The change in rules related to vaping that came into place in April 2019 opens up new opportunities which we will invest in.” Derek-Li added.
Moving forward, SNOWPLUS plans to leverage investment to further expand worldwide, while maintaining a solid foothold in its home market of China. With funding from respected industry players in the capital market, SNOWPLUS is not only continuing its proven record of developing top-of-the-line vaping products and technologies, but also paving the way for a smooth entrance into key global markets that have a demonstrated demand for vape products.
