Ray J has landed a multi-million dollar deal to find his tech-transportation business.
Per BusinessWire.com, singer, Ray J secured a $31 million deal to launch his new electronic transportation brand, Raycon.
The $31 million transaction was paid in the form of equity and cash, and was agreed upon between Ray J and Cowboy Wholesale, a leading New York-based distributor of consumer electronics. Ray J takes on an active full-time role in the brand-new partnership, and will oversee marketing and global branding strategy.
Ray J is not new to entrepreneurship. In 2015, he launched Scoot-E-Bike, which was a two-wheeled, foldable electric vehicle. But, this newest venture is the next level, the reality star stated, “The world is moving towards renewable green energy, and electric transportation is a big part of that. With the Raycon movement, we are going to make sure we are one of the first ones there.”
Raycon’s official product launch is schedule to be released mid-November of this year at rayconglobal.com.