Mio Global, makers of wearable technology for fitness, has secured a $1.5 million loan from Export Development Canada (EDC). The loan will allow the Vancouver-based firm to fund much-needed 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 CFO and VP 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.”
“Mio Global has an impressive product that required significant research and development to commercialize,” said Bruce Dunlop, EDC VP of Commercial Markets and Small Business. “This is a Canadian SME that is constantly innovating to remain competitive in their industry and EDC is excited to play a supportive role in their international growth.”
EDC is Canada's trade finance agency, and the leading provider of financing, insurance and bonding for Canadian companies of all sizes that do business outside of Canada.
Mio Global designs and manufacturers innovative wearable devices that make heart rate training accessible to athletes and fitness enthusiasts. 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+. 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 percent of Mio's sales with the U.S. holding 40 percent of its market; Europe is at 35 percent and Asia garners 20 percent.
The Garmin deal, signed in May 2015, is a step forward to gain brand recognition for the Mio brand. With Mio Continuous Technology in Garmin's products, the Canadian brand will get “much broader visibility moving forward,” said Arciniega.
