TORONTO and LONDON,
UK, June 4, 2024 /CNW/ - The Logic, a Canadian
news organization that covers business and technology, has raised
C$4 million to expand its newsroom
and business operations. FT Ventures led the fundraising round,
with returning investors Relay Ventures and Four Cornerstones
Capital, as well as Roynat Capital.
It marks the first Canadian investment by FT Ventures, the
corporate venture arm of the Financial Times (FT) Group.
"We're thrilled to invest in The Logic. There's a natural
alignment between our mission, our audience and our focus on
recurring revenue to support quality journalism," said Alexandra
Calinikos, FT corporate development and strategy director. "This
investment will also give FT Ventures a greater presence in
North America, a key growth market
for the FT Group."
Founded in 2018 by veteran journalist David Skok, The Logic has become a leading
source of business and tech news in Canada. Headquartered in Toronto, it has bureaus in Vancouver, Calgary, Ottawa and Montreal. Its agenda-setting journalism and
innovative newsletters are often recognized in the Best in Business
Awards handed out by the Canadian chapter of the Society for
Advancing Business Editing and Writing (SABEW).
"The Financial Times is one of the world's preeminent news
organizations. We're thrilled to have FT Ventures on board," said
Skok, The Logic's CEO and editor in chief. "They have made clear
that they value the quality and calibre of our work and our team,
and they see the opportunity to help us continue to build a
Canadian news organization that is world class."
The investment will help fuel The Logic's growth, which has
included an almost 60 per cent increase in paid subscriptions in
the last six months and 270 per cent revenue growth over the last
three years.
"The FT was the first major news organization to implement an
online paywall," Skok said. "It proved that people will pay for
premium journalism. The Logic was founded on that same
premise."
The Logic's newsroom and business operations remain independent.
As part of the investment, The Logic will also work with FT
Strategies, the FT's media consultancy arm.
"We're excited to work with FT Strategies to reach new readers,
to improve the experience we offer our existing subscribers, and to
build our thriving subscriptions, partnerships and events
businesses," said Skok.
In the coming months, The Logic will expand its newsroom and
business operations. "From the beginning we've built carefully and
deliberately," Skok said. "That will continue to be our approach.
There's no shortcut to winning readers' trust. But now more than
ever, Canadians need original journalism that helps them understand
their rapidly changing world. We look forward to serving them."
About The Logic
The Logic is a leading source of business and technology news in
Canada, offering subscribers
in-depth reporting on the businesses, people and policies that move
the country forward. Founded in 2018, it is headquartered in
Toronto and has bureaus in
Vancouver, Calgary, Ottawa and Montreal. The Logic's journalism reaches
hundreds of thousands of Canadians and is syndicated to a global
audience of financial professionals. Its investors include the
Financial Times, Relay Ventures, Postmedia and The Information.
Find out more at thelogic.co.
About FT Ventures
FT Ventures is the corporate venture arm of the FT Group, which
provides a range of business information, news and services,
including the Financial Times. FT Ventures works with ambitious
founders who want to shape the future of the world's information
industry and invests in high growth companies operating in media,
data, intelligence and technology. Find out more at
ventures.ft.com.
SOURCE The Logic