Say what y’all want about Ray J, but the man knows business! He is expected to secure a hefty bag in 2020 thanks to his bike sharing company ScootEbike.
Back in January 2019, LOOPShare, a micro mobility and ride-sharing company focused on sustainable urban transportation, announced that it entered into an Asset Purchase Agreement with Raytroniks Corporation to acquire the ‘Scoot-E’ brand. Ray J ended up walking away with about $34 million and over 18 million common shares in LOOPShare.
ScootEbike/Loopshare scooters will hit the market in early 2020 offering to provide users with the ability to use advanced telematics and digital dashboard services unlike any other bike sharing company in the world. This can potentially be a billion dollar company in 2 years if it all goes as planned.
Upon closing of the Raytroniks transaction (the “Transaction”) LOOP received several benefits including: Acquisition of a recognized brand in the electric transportation industry , increased visibility in the global micro mobility and ride-sharing industry with access to expertise and vision of a successful tech-entrepreneur such as Ray J.
LOOPshare has also entered into a partnership with OpenStreet Co., Ltd. with the goal of integrating LOOPShare’s electric scooter telematics and digital dashboard technology with OpenStreet’s service in Japan. OpenStreet is an affiliate of SoftBank Corporation and Yahoo! Japan Corporation that provides electric bike sharing. OpenStreet has a current fleet of over 10,000 electric bikes under the ‘Hello Cycling’ brand.
LOOP has the potential to surpass the success of scooter-share company Bird, which stunned the transportation industry by achieving a billion-dollar valuation faster than any company in history. Micro-mobility and ride sharing are the future of commuting in cities, and Ray J’s no fool – he knows a good business model when he sees it.
RayJ has another tech company called Raycon Global (Raycon) which is a consumer electronics brand founded in 2017. Led by a team of executives and board advisors with decades of experience, Raycon is the premier global brand for innovative, high-demand electronics designed by celebrities.
With offices based in New York, California, South America, and China, Raycon aims to share the excitement and benefits of new technology.
Raycon Global is already one of the leading start up tech companies bringing 10 million dollars in sales in its first year.
Ray J signed a 31 million dollar deal with Cowboy Wholesale in 2017 and word on the street is Raycon Global might possibly be the next Beats by Dre or bigger with the way sales are climbing.
Could it be possible that Ray J will be the first R&B singer to reach 1 billion dollars in revenue? Only time will tell. But 200 million is a great start!
Congrats to Ray J and ScootEbikes! For more info go to LoopshareLTD.com