Say what you want about Ray J, but you have to respect his hustle!
The singer, actor, and businessman recently landed a hefty eight-figure deal to expand his Los Angeles-based electric transportation startup.
Rebranded from Raytroniks to Raycon, the company received a $31 million exclusive distribution deal with Cowboy Wholesale, a New York City-based leading distributor of consumer electronics. The company will market the products through its global logistics and distribution channels within the United States, Asia, and Europe, with Ray J acting as head of marketing and global branding strategy.
“The world is moving towards renewable green energy, and electric transportation is a big part of that,” Ray J said in a statement. “With the Raycon movement, we are going to make sure we are one of the first ones there.”
The company launched in 2016 and its initial product release was a foldable, two-wheeled Scoot-E-Bike, which was popularized in the electric vehicle market with help from fellow celebrities and influencers.
Going forward, Raycon plans to address the everyday needs of the urban technophile with innovative technology, focusing on impactful electric transportation designed and backed by celebrities.
Outside of the huge investment, Ray J will have access to Cowboy Wholesale’s world-class management team and board of advisers who have collectively sold over $1 billion in products, with past executive experience in companies like Sony, Coby Electronics, and Pepsi.
Congrats to Ray!