The Logic, a Canadian news organization that covers business and technology, has raised $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 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, in a statement. “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.
“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, in a statement. “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 percent increase in paid subscriptions in the last six months and 270 percent revenue growth over the last three years.
