(Alliance News) - LVenture Group Spa reported that it closed the first nine months of the year with a loss at EUR1.7 million from a loss of EUR1.6 million in the same period last year.

As of Sept. 30, revenues stood at EUR4.4 million down 11 percent from EUR4.9 million in 2022.

EBITDA was negative EUR1.2 million in line with the figure for the first nine months of 2022.

Investments in the period were worth EUR800,000, down from EUR1.3 million as of September 30, 2022.

The total value of the investment portfolio is EUR29.9 million, aligned to December 31, 2022.

Net financial debt is EUR4.0 million from EUR4.7 million as of December 31, 2022.

In addition, LVenture Group's board of directors appointed Luca De Rita as Chief Financial Officer and manager in charge of Investor Relations as of Nov. 16.

Luigi Capello, Managing Director of LVenture Group commented, "The first nine months confirmed a good performance in operations, thanks to the activities carried out in favor of Corporate clients, increasingly interested in enabling innovation processes and startups. The value of the portfolio remained stable compared to December 31, 2022, despite some write-downs of investees affected by the macroeconomic cycle. We are particularly proud that in the first nine months third-party investors invested in our startups with a multiplier of more than 16x what we invested."

"The Italian venture capital market has been affected by the ongoing global downturn and the slowdown of some players operating in the Italian market. In this scenario, the ongoing merger with Digital Magics, aimed at creating the Italian leader in early-stage investments and Open Innovation activities, with an optimal positioning to seize market opportunities, acquires even more value."

LVenture Group on Friday closed in the green by 8.5 percent at EUR0.29 per share.

By Claudia Cavaliere, Alliance News reporter

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