Nicorex Baltic OÜ

What Nicorex Baltic OÜ does

Nicorex Baltic OÜ is an Estonian private limited company operating the Veipland retail chain, the country's largest specialized e-cigarette and nicotine product retailer. Founded in 2006/2008 and headquartered in Peetri, Harjumaa, the company sells disposable e-cigarettes, pod systems, reusable devices, e-liquids, tobacco-free nicotine pouches (SNUS), heated tobacco products, and accessories through 22 owned physical stores across Estonia's major cities plus a reseller/dealer network. Proprietary brands include Nicorex, SKYsmoke, Nicorex Premium, Fillz, and Nicorex Epic, alongside third-party brands such as ACE, XQS, CREW, Iceberg, and Greatest for nicotine pouches.

The company's technology centers on physical product formulation and regulatory compliance rather than software: proprietary e-liquid recipes with optimized VG/PG ratios (approximately 35% VG / 45% PG) incorporating essential oils, plus the Nicorex SLIM reusable capsule system positioned as an environmentally friendly alternative to disposables. All products are lab-tested and registered in the EU database per the European Tobacco Products Directive and Estonian Health Board requirements, and the company was the first Estonian e-cigarette seller to receive ISO certification in 2017. Distribution is exclusively physical: Estonian law (effective 01.07.2019) prohibits online sales of e-cigarettes and SNUS, channeling all demand through the Veipland retail network and a reseller channel.

The business model is B2C retail, generating revenue from hardware sales (devices, starter kits at €40-65), consumables (e-liquids at €11.60 per 10ml bottle, nicotine pouches at €5.40-€6.90 per can, disposables at €7.20), and accessories. Hire-purchase financing through Holm Bank AS (Liisi brand, 1-48 month terms, 36.69% APR) lowers the upfront cost barrier for hardware purchases. The company claims 140,000+ customers served since inception, targets adult smokers seeking harm-reduction alternatives to traditional cigarettes, and emphasizes smoking cessation guidance through trained in-store consultants and an online product recommendation quiz. The company is a member of the Estonian Chamber of Commerce and Industry and has been recognized as a Gasellfirma (fast-growing company) and Äripäeva TOP Ettevõte.

Name

Nicorex Baltic OÜ

Legal name

Nicorex Baltic OÜ

Website

https://nicorex.eu

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Nicorex Baltic OÜ operates Estonia's largest Veipland retail chain of 22 stores selling e-cigarettes, e-liquids, nicotine pouches, and heated tobacco products to adult smokers seeking harm-reduction alternatives. Founded 2006/2008, the private company serves B2C consumers exclusively through physical retail due to Estonian online sales restrictions.

Ownership category

akta.pro rank

Product category

Vape Shop Retail

NAICS

Tobacco, Electronic Cigarette, and Other Smoking Supplies Retailers (459991), Tobacco Manufacturing (31223)

SIC

Tobacco Products (2100)

akta.pro primary industry

Tobacco & Nicotine Specialty Shops (Tobacconists) (CRANADAE)

akta.pro secondary industries

Online Tobacco & Nicotine Retail (Delivery/Click & Collect) (CRANADAI), Nicotine Pouch Retail (CRANADAD), Nicotine Pouches (Tobacco-Free) Manufacturing & Brands (CRADAJAI), E-liquids & Nicotine Salts Manufacturing & Brands (CRADAJAG)

Keywords

• E-cigarette retail
• Vaping products
• Nicotine pouches
• Smoking cessation
• Harm reduction products

Headquarters

HQ city

Peetri

HQ country

Estonia

HQ region

Europe

Offices23 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Others

Revenue model

1. E-Cigarette Hardware Sales: Sale of e-cigarette devices including disposables (SKYsmoke, Nicorex AIR, Nicorex More), pod systems (Nicorex SLIM, SKYsmoke URBAN), and starter kits with batteries and mods
2. E-Liquid Sales: Sale of e-liquids under Nicorex Premium, SKYsmoke Classic, Nicorex Epic, Nicorex Signature, Nicorex Gurmee brands in various flavors and nicotine strengths (0-20mg)
3. Consumables and Accessories: Sale of coils/atomizers, batteries, pods/cartridges, and accessories. Also nicopouches (tobacco-free snus) from brands like ACE, XQS, CREW, Iceberg, Greatest
4. Hire Purchase Financing: Liisi hire-purchase financing offered through Holm Bank AS for e-cigarette purchases with 0-48 month terms

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Nicorex Baltic OÜ operates the Veipland retail chain of 22 physical stores across Estonia, selling e-cigarettes (disposable and reusable devices), proprietary e-liquids, tobacco-free nicotine pouches (SNUS), heated tobacco products, and related accessories under its own Nicorex and SKYsmoke brands as well as third-party brands. The company positions its offering as a harm-reduction alternative for adult smokers seeking to quit or reduce traditional tobacco consumption.

Product overview

Nicorex Baltic OÜ operates the Veipland retail chain and sells a portfolio of e-cigarette products under its own Nicorex and SKYsmoke brands alongside third-party vaping products. The core offering consists of single-use disposable e-cigarettes (Nicorex AIR, Nicorex More, SKYsmoke, SKYsmoke PLUS, SKYsmoke XTRA) and reusable devices (Nicorex SLIM capsule system). Supporting products include proprietary e-liquids (Nicorex Premium, SKYsmoke Classic, SKYsmoke Breeze, Fillz, Nicorex Epic) in various flavors and nicotine strengths, a broad range of replacement atomizers and coils, batteries and mods, and starter kits. The company also sells tobacco-free nicotine pouches (SNUS) under brands including ACE, ACE X, CREW, XQS, Iceberg, Greatest, and others, as well as heated tobacco products. Products are distributed exclusively through the Veipland physical retail chain across Estonia, with no e-commerce sales permitted under Estonian law since July 2019.

Differentiator

Problem solved

Functional benefit

Brands

• SkySmoke: E-liquid and disposable e-cigarette brand sold through Veipland retail chain.
• Nicorex Premium
• Fillz
• Nicorex Mintz
• Nicorex Epic
• Nicorex Signature
• Nicorex Gurmee

Products and services

• Nicorex AIR Disposable E-Cigarettes Single-use pre-filled disposable e-cigarettes in menthol, double menthol, mint, and gold tobacco flavors with 2% nicotine content, sold to adult consumers as a smoking alternative.
• Nicorex More Disposable E-Cigarettes Disposable e-cigarettes in icy menthol and menthol variants with 1% and 2% nicotine options for adult smokers seeking harm-reduction alternatives.
• SKYsmoke Disposable E-Cigarettes Pre-filled single-use e-cigarettes in menthol and tobacco flavors, each device delivering approximately 500 puffs with 2ml e-liquid capacity and 400mAh battery.
• Nicorex SLIM Capsule System A reusable capsule-based e-cigarette system designed as an environmentally friendly alternative to single-use devices, using pre-filled menthol and tobacco flavor capsules.
• Nicorex Premium E-Liquids Own-brand e-liquid series with 50/50 VG/PG ratio in menthol and tobacco flavors at nicotine strengths from 0mg to 18mg, formulated with proprietary VG/PG optimization.
• SKYsmoke Classic E-Liquids E-liquid collection featuring tobacco flavors including Green, Virginia, French, USA First Class, and Virgin, plus menthol and various fruit flavors in multiple nicotine strengths.
• Fillz Nicotine Salt E-Liquids Salt-nicotine-based menthol e-liquid formulated to match the flavor profile of SKYsmoke single-use devices, available in 10mg and 20mg strengths in 10ml bottles.
• Nicorex Epic Nicotine Salt E-Liquids Premium e-liquids using nicotine salts at 19mg strength in Polar Mint and South Pole (menthol) flavor variants.
• Nicotine Pouches (SNUS) Tobacco-free nicotine pouches placed under the upper lip, sold under brands including ACE, ACE X, CREW, XQS, Iceberg, Greatest, Zeus, Garant, Killapods, VELO, and MAF in various flavors and nicotine strengths.
• E-Cigarette Starter Kits Complete e-cigarette starter kits including device, batteries, atomizer, and sometimes e-liquid, from brands such as Innokin Coolfire Z Air, Geekvape DIGI Max, and Trine Ultra.
• Atomizers and Coils Replacement atomizer coils and atomizer kits from manufacturers including Joyetech, Innokin, SMOK, Aspire, Geekvape, Vaporesso, VOOPOO, and Wirice, compatible with e-cigarette devices and starter kits.
• Batteries and Mods E-cigarette batteries and variable voltage/wattage mods, including built-in battery devices and replaceable battery mods from various brands.
• Heated Tobacco Products Heat-not-burn tobacco products and devices, including Sixhill Luos heated tobacco device, NUSO heated sticks, and Farstar heated sticks.

Quantifiable outcome

• 95% less harmful than traditional cigarettes per Public Health England
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered minor.

• Ministry of Snus (ACE SuperWhite)minorStrategic or Co-development Partner · 25 October 2020Cooperation with Ministry of Snus, manufacturer of ACE SuperWhite nicotine pouches, on USE. REUSE. REPEAT project for environmental sustainability of nicopouches.
• Eesti ElektroonikaromuminorStrategic or Co-development PartnerPartnership with Estonian producer responsibility organization for proper recycling of collected e-cigarette waste. Collected devices are sorted, dismantled, and sent for recycling with batteries being particularly valuable recyclable materials.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• VELO (BAT nicotine pouches): BAT's flagship tobacco-free nicotine pouch brand; Nicorex carries VELO in its stores, making it both a retail partner and a competitive benchmark for shelf share in pouches.
• VapeShop.ee: Estonian online vape retailer; comparable direct competitor in the Estonian e-cigarette retail market, though operating primarily via e-commerce within the legal constraints.
• JUUL Labs: Major pod-based e-cigarette brand competing in the same vape category; comparable as a vape hardware/e-liquid brand with similar consumer positioning and regulatory exposure.
• Swedish Match (ZYN): Manufacturer of ZYN tobacco-free nicotine pouches; Nicorex retails ZYN-class pouches, making Swedish Match the upstream brand competitor in the same pouch category.
• Ministry of Snus / ACE SuperWhite: Manufacturer of ACE SuperWhite tobacco-free nicotine pouches; already partnered with Nicorex on sustainability projects and competes for the same pouch consumer.

Broad incumbents

• Altria / NJOY: US tobacco incumbent with vape (NJOY) and pouch investments; relevant comparable for Nicorex as a multi-format nicotine products retailer competing with global incumbents' local distribution.
• Imperial Brands (blu Estonia): Sells blu e-cigarettes across European markets including Estonia; comparable as a competing vape brand available in the same retail channel as Nicorex.
• British American Tobacco (Vuse/VELO Estonia): Global tobacco major selling Vuse e-cigarettes and VELO nicotine pouches; competes directly with Nicorex on nicotine pouch shelf space and vape device share in Estonia.
• Philip Morris International (IQOS/ZYN Estonia): Sells IQOS heated tobacco devices and ZYN nicotine pouches through Estonian retail; comparable as a multi-category nicotine alternative provider with broader portfolio and deeper marketing budget.

Regional players

• E-sigaretipoed (Estonian vape retail chains): Estonian vape retail chain; comparable as a domestic specialty vape retailer competing for the same physical retail customer base.

Market position

Strengths5 records

Weaknesses5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/nicorex
• YouTubeyoutube.com/channel/UCBYYYSW6j5U_gsytlf4hiPw
• Facebookfacebook.com/NicorexEstonia
• LinkedInlinkedin.com/company/nicorex-o-
• Instagraminstagram.com/nicorex_official

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nicorex Baltic OÜ