LILA Movetech secures RM2.5 million financing under MDV-Tact for its USA expansion

Sportboleh Sdn Bhd (Sportboleh), owner of LILA Movementechnology (LILA Movetech) brand of high-performance products, recently announced its continued expansion into the global marketplace and the initiation of its USA omni-strategy growth plans for the lucrative USA and North American sport and fitness markets.

Sportboleh’s growth plans will be supported by a RM2.5 million financing facility from Malaysia Debt Ventures Berhad’s Technology Acceleration and Commercialisation Scheme (MDV-Tact). MDV is an agency under the purview of the Ministry of Science, Technology and Innovation (MOSTI) and a subsidiary of the Minister of Finance (Incorporated) that provides financing for high-growth technology companies.

The announcement was made during a signing ceremony between Sportboleh and MDV, held at Sportboleh’s office in Wisma OCM.

The Minister of Science, Technology and Innovation, Datuk Seri Dr. Adham Baba commented that as an agency under MOSTI, MDV, through its innovative and specialised financing facilities, is focused on assisting high-calibre technology companies and startups like Sportboleh to develop their technologies and products.

“LILA Movetech has the potential of being Malaysia’s first truly global sports brand. I am pleased that MDV is able to offer its expertise and assistance to Sportboleh to ensure that they are able to realise their aspirations at the global level and putting Malaysia’s own home-grown company at par with other successful sports technology companies around the world,” he said.

Commenting on the financing, MDV’s Chairman, Khairul Azwan Harun explained that the MDV-TACT programme was established specifically to promote the development and adoption of new technologies by helping technology-based companies like Sportboleh accelerate their growth and expand their brand locally and globally.

“As a seasoned financier with more than 20 years of experience in financing the technology sector, MDV understands this requirement and is able to provide Sportboleh with specialised financing suited to the Company’s financing needs as a technology start-up,” he said.




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