The production value of Digital Magics, the startup incubator, in the first six months of 2018 grew by 54,6% compared to the same period of the previous year.
In detail, the figure went from 1,18 million as at 30 June 2017 to 1,82 million euro as at 30 June 2018. The driving force behind the increase are revenues, which reached 1,43 million euro, deriving from new programs Open Innovation and the acceleration program “Magic Wand – FinTech and InsurTech".
Ebitda rose to 36 thousand euros, against -420 thousand euros in the same period of 2017. Ebit also improved, albeit negative: from 0,6 million to 0,3 million year on year. The net financial position is active and equal to 1,4 million euro. The operating companies in the portfolio rise to 63, of which 31 Innovative Startups and 9 Innovative SMEs.
“It was a very positive six-month period – comments Alberto Fioravanti, founder, president and chief technology officer of Digital Magics – in which we achieved excellent economic results both in terms of Open Innovation programs and in services to investee companies, with attention ever increasing towards the technological component, fundamental for the success of initiatives in this sector. Also important is the opening of our London office, in partnership with iStarter, to support our scaleups that are ready to face international development".
“We have concentrated our resources on strategic development and on entrepreneurial initiatives characterized by the greatest likelihood of success. – adds Marco Gay, CEO of Digital Magics – Thanks to the partnership with StarTIP, launched in 2017 by Tamburi Investment Partners, with an endowment of up to 100 million Euros, we have strengthened the national and international growth of two startups in the Digital Magics portfolio, in particular Buzzoole (among the most important international "influencer marketing" platforms) and Centy (the first intelligent coin counter, managed entirely by apps), in which StarTIP has recently invested".
