Export Development Canadatoday announced a $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, according to the company.
“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 is Canada’s trade finance agency.
Packed with Mio Continuous Technology, Mio products provide performance-accurate heart rate data without a chest strap, and connect to fitness apps and sport devices via Bluetooth Smart and/or ANT+. The company 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 per cent of Mio’s sales, the company says.