Ray J Closes $31 Million Tech Deal
By Ryan Velez
Ray J and an electronics company sounds like a bizarre match, but Black Enterprise has been covering the growth of the singer/reality star’s Raytroniks brand for quite some time now, and has an exciting development to report. Ray J has recently closed a $31 million deal securing the launch of his electronics transportation company, now branded Raycon.
A press release from the newly-named Raycon says that 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. At the moment, Raycon’s signature product is the Scoot-E-Bike, its a foldable, two-wheeled electric vehicle. The bike was presented to a mass network of influencers, which allowed it to gain a good amount of traction in the market.
Raycon promises to extend the vision that Ray J initially had when he started the company. This is providing more high-demand electronics designed and supported by celebrities, catered towards urban technophiles looking to be at the front of trends. A key area of focus is electric transportation, which could make a big impact in some communities.
“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 the press report. Cowboy Wholesale will be a great partner in this mission. Not only are they providing capital, but also a world-class management team and board of advisers who have collectively sold over $1 billion in sales. Their company has past management experience with brands like Sony, Colby Electronics, and Pepsi.
Black Enterprise explains the breakdown of this partnership: “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, leaving Ray J to tend to marketing and global branding strategy.” This winning combination could not only provide a blueprint for Black celebrities and tech, but for Black technology on the whole.
The Raycon official product launch is set to release mid-November 2017 and products will be available for purchase at rayconglobal.com. Here’s hoping for the best for Ray J and this unexpected, but successful venture.