Company’s wearable device monitors sports enthusiast’s heart rate.
June 23, 2015
by PLANT STAFF
VANCOUVER — Export Development Canada (EDC) is loaning $1.5 million loan to Vancouver’s Mio Global, makers of wearable technology for fitness, which will allow the company to fund inventory for shipments around the world and help double their revenues.
“This loan is an absolute game-changer for us,” said Antonio Arciniega, Mio Global’s chief financial officer and vice-president of operations. “It’s very hard to get credit for a company that is growing as fast as ours. Traditional credit is tough and rarely available.”
EDC, a Crown agency, provides of financing, insurance and bonding for Canadian companies do business outside of Canada.
Mio Global designs and manufacturers a wearable device for athletes and fitness enthusiasts that provides them with heart rate data. The device, which has no chest strap, connects to fitness apps and sport devices via Bluetooth Smart and/or ANT+.
Mio products are sold to major retailers throughout North America, Europe and Asia. The company also has licensing deals with three industry giants: adidas, TomTom and, more recently Garmin.
In 2014, Mio Global posted revenues of $14.8 million, and is projecting sales of $27 million in 2015. Exports now represent 95% its sales with the US holding 40% of its market; Europe is at 35% and Asia garners 20%.