Singer and television personality Ray J has inked a $31 million deal that secures the launch of his new electronics transportation brand Raycon. The $31 million deal, paid in the form of equity and cash, was finalized between Ray J and Cowboy Wholesale, a leading distributor of consumer electronics based in New York City.
Ray J’s company has been popularizing the Scoot-E-Bike, its foldable, two-wheeled electric vehicle. The bike was presented to a mass network of influencers, which allowed it to gain traction in the market. Raycon is an extension of what Ray J initially started in 2015 and will include more innovative, high-demand electronics designed and backed by celebrities. The company plans to address the everyday needs of the urban technophile, focusing on impactful 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., who plans on having an active full-time role in the newly formed partnership, overseeing marketing and global branding strategy.
Partnering with Cowboy Wholesale was a smart move for the entrepreneur. Not only will they provide capital, but a world-class management team and board of advisers who have collectively sold over $1 billion in sales. The company has a heavy footprint in consumer electronics with past executive experience in companies such as Sony, Coby Electronics, and Pepsi.
As the exclusive distributor of Raycon products, Cowboy Wholesale will market the products through its global logistics and distribution channels, including the United States, Asia, and Europe
As the entrepreneurial CEO of his own electronics brand in 2015, Ray J is best known for popularizing the Scoot-E-Bike, a foldable, two-wheeled electric vehicle. Today, RayJ believes Raycon is the next evolution for his business ventures. With a family of innovative, high-demand electronics designed and backed by celebrities, Raycon addresses the everyday needs of the urban technophile, focusing on impactful electric transportation.
The Raycon official product launch is set for this month and products will be available for purchase at rayconglobal.com.