Ray J started a company that can change the how consumers view transportation.
New York City, New York — For the last few months, Black Enterprise claimed that they have been covering following the progress of R&B singer and actor William Ray Norwood Jr.’s company, Raytroniks and now known as Raycon. According to a recent a press release, the entertainer turned entrepreneur closed a deal worth $31 million and it is meant to launch Raycon, an electronics transportation company.
Black Enterprise reported that the deal was made between Mr. Norwood and a leading distributor of electronic products, Cowboy Wholesale. The deal was paid with cash and equity and Raycon HQ is located in New York City. In addition to the newfound capital, Cowboy Wholesale is providing Raycon with the access of a supportive management team and an experienced board of advisors who held high positions at companies including Pepsi, Sony, and Coby Electronics.
“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 Mr. Norwood in a press release statement.
A few weeks ago, the entertainer uploaded a picture to Instagram of him closing the deal with Cowboy Wholesale executive Ray Lee.
Raycon plans to start with distributing a product called Scoot-E-Bike, a two-wheeled electric vehicle. Mr. Norwood used influencer marketing as a tactic to gain traction in a competitive market.
Partnering with Cowboy Wholesale also helps Mr. Norwood tackle a bigger issue. Now, he has the ability to help close the digital divide in urban communities.
All Raycon product will be made available to purchase on Nov. 29 through RayconGlobal.com.