Ray J Signs 7-Figure Deal For His Scoot-E-Bike Company
Ray J is a businessman, and his insight has just landed him a million dollar deal. According to TMZ, Ray J sold his Scoot-E-Bike business to Canadian company LOOPShare for an amount in the high 7-figures. That's one sweet deal.
Although he sold his business, Ray J will be heavily involved in the company moving forward. He will control close to 19 million shares while still guiding the creative path for the scooters' construction. The venture will kick off by producing three models of the convenient mode of transportation. A traditional sit-down model, a vespa style unit, and stand-alone scooter will expand Scoot-E-Bike, and make Ray J a very rich man.
The bikes will begin to appear in America and Canada, but the end goal is to go global. The bikes limit air pollution, have a top speed of 20 mph, and a range of up to 30 miles per charge. Ray J's manager, David Weintraub, told TMZ that Ray's mission is to grow his tech business. He has turned down several television deals to pursue ventures such as the one with LOOPShare, and it paid off. Raycon, Ray J's tech company, is allegedly pulling in $2-3 million in sales every month.