(Bloomberg) — The Logic, a Canadian business and technology news magazine, has raised fresh money for expansion from an investor group that includes the venture capital arm of the Financial Times Group.
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FT Ventures will become a minority owner of the Toronto-based news company, founded in 2018. The FT’s media consulting arm will work with the publication to expand its subscription, partnership and events strategy, it said in a statement on Tuesday.
This is FT Ventures’ first investment in Canada. The company has already invested in Sifted, a European startup website, and in The Business of Fashion. The Financial Times Group is owned by Japan’s Nikkei Inc.
The Logic will use the C$4 million (US$2.9 million) to expand its editorial and business operations. The company, which has offices in five Canadian cities, has also received backing from Relay Ventures, Four Cornerstones Capital, Bank of Nova Scotia subsidiary Roynat Capital and newspaper publisher Postmedia.
FT Ventures will have a director on The Logic’s board. “They have made it clear that they value the quality and caliber of our work and our team, and they see an opportunity to help us continue to build a world-class Canadian news organization,” David Skok, founder and CEO of The Logic, said in the statement.
The publication’s business model is based primarily on paid subscriptions, which the company says have grown by nearly 60% in the past six months.
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