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Investors are lining up behind Juul Labs Inc., a startup that makes electronic cigarettes popular with young people. But as vaporizers have taken off, the industry is under pressure from regulators and competitors.

Juul said in a U.S. securities filing posted Tuesday that it raised $650 million out of a funding round expected to reach $1.2 billion. The deal is set to value the business at about $15 billion, Bloomberg reported last month. [...]