Greentank raises $20M from Dubai's AIR Global

The investment follows years of steady growth for Greentank. The company raised a $14 million CAD Series A in 2019 and a more than $22 million CAD Series B in 2023. Funds from the Series B largely fueled development of the Quantum Chip, which Greentank claims produces cooler vapour and smaller aerosol particulate. Including the AIR Global investment, made at a pre-money valuation of roughly $170 million USD ($238 million CAD), Greentank has raised $56 million USD ($78 million CAD) to date.

Greentank and AIR Global have worked together before. The two companies partnered in 2023 to develop a vape-adjacent device called Vant. Last year, Chris Gemmell, formerly of British American Tobacco, joined Greentank as chief product and innovation officer.

The timing of the investment matters for AIR Global. The company is preparing a Pre-Market Tobacco Application (PMTA) for the U.S. Food and Drug Administration. PMTAs are mandatory for companies seeking to market tobacco or nicotine products. To complete its PMTA, AIR Global must prove it has a consistent and secure supply chain. Under the terms of its deal with Greentank, AIR Global will receive long-term supply assurances, helping it meet those requirements.