Tiger Global Management has agreed to invest $600 million to lead a new fundraising round in fast-rising e-cigarette maker Juul, according to two people familiar with the matter. Investors in the round, which has yet to close, have agreed to put in a total of more than $1 billion at a post-round valuation of roughly $16 billion, the people said. The Information first reported talks of a new round, while the round size and valuation was first reported by Bloomberg.

The identities of other investors in the round couldn’t be learned. Some traditional venture capitalists have steered clear of e-cigarettes because of policies at their firms against investments in controversial industries including marijuana, tobacco and firearms.