(Alliance News) - LVenture Group Spa reported Wednesday that it closed 2023 with a loss of EUR3.2 million, worsening from a loss of EUR2.7 million as of Dec. 31, 2022.

Revenues for the period amounted to EUR6.3 million from EUR6.5 million in 2022.

EBITDA as of Dec. 31 was negative EUR2.5 million from negative EUR2.2 million.

Net financial debt was EUR4.5 million from EUR4.8 million as of Dec. 31, 2022.

Investments in the year were EUR1 million from EUR1.5 million in 2022.

The total value of the investment portfolio was EUR30.3 million based on the adjusted valuation from EUR31.1 million in 2022.

CEO Luigi Capello commented, "The Venture Capital market in 2023 suffered a downturn strongly affected by macroeconomic and geopolitical factors that affected the fair value of some investees. Despite this, the portfolio shows an important solidity being able to count on the growth of some of the new entrepreneurial realities. The process of valorization of startups continues with results being defined also in view of important Exits."

"The innovation activity carried out in favor of leading corporations and institutions has positioned the company among the main enablers of innovation in the market. Relative to 2024, the Italian venture capital market is having a recovery compared to the same period in 2023, with the value of closed deals exceeding EUR250 million, up 35 percent compared to the first two months of 2023."

"The birth of Zest, following the merger with Digital Magics, aims to seize these opportunities through the creation of a national champion, with a European dimension, capable of aggregating capital, attracting the best talent and startups and contributing to business innovation, for ever greater value creation and shareholder return."

On Wednesday, LVenture closed 4.5 percent in the red at EUR0.23 per share.

By Claudia Cavaliere, Alliance News reporter

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