Ray J’s Tech Company Secures Massive $31 Million Deal [PHOTO]
Ray J is making money moves in the tech world. The R&B singer-turned-entrepreneur recently secured a $31 million wholesale deal to launch his electric transportation company, Raycon.
The deal was finalized in the form of equity and cash with Cowboy Wholesale, a leading distributor of consumer electronics based in New York City.
Ray J’s Raycon was formed in 2015 and is famous for the Scoot-E-Bike, a foldable, eco-friendly bike on two wheels. The company plans to design more innovative products for the everyday needs of the urban technophile as it relates to electric transportation.
“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,” said Ray J in a press release (via Black Enterprise).
Raycon will officially launch their products in mid-November and will be available for purchase at rayconglobal.com.
Ray J is among several artists who have entered the tech business. Black Eyed Peas member Will.i.am has raised $117 million for his tech startup I.am+ to develop a AI-powered voice assistant for customer service.