It’s been a while since Ray J has been considered just Brandi‘s little brother, but it seems he’s really come into his own as a businessman in recent years, running Raycon, his own tech company. And now all of his hard work has paid off, because TMZ reports that he sold his Scoot-E bike creation in a deal worth seven figures.
Ray and LOOPShare came to terms this week on an agreement that will see the entertainer sell his Scoot-E brand in return for 18.2 million shares of the Canadian firm, a deal worth some $2.3 million at LOOPShare’s stock price on the Friday after the deal was announced. The two sides announced that Ray J will retain a significant role as a consultant and brand ambassador for Scoot-E.
Undoubtedly, the electric scooter game has gotten far more competitive since the reality star created Scoot-E-Bike some time ago. That’s because shared scooter companies like Bird, Lime, Uber’s scooter Jump, and others are beginning to flood the U.S. market.
The concept behind those particular scooter companies and others is people rent them through an app and when they’re done leave them on the sidewalk for the next rider.
But Ray may have an advantage compared to those companies in that he’s offering three scooter types, a traditional version, one that allows riders to sit and another that resembles a Vespa. The Scoot-E-Bikes will start showing up in Canadian and U.S. cities at some point, but there’s no word on when.
Besides the scooters, Ray J’s Raycon company also offers wireless earphones, and Ray is said to be working on other products too.
In fact, his manager David Weintraub said Ray’s main focus over the last few years has been his tech company, which today rakes in $2 million to $3 million in sales each month. Weintraub also revealed that Ray J has even turned down multiple television jobs to focus on Raycon.