(Bloomberg) — The Logic, a Canadian business and technology news publication, raised fresh money for expansion from a group of investors including the venture arm of the Financial Times Group.
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FT Ventures will become a minority owner of the Toronto-based news company, which was launched in 2018. The FT’s media consulting arm will work with the publication to build its subscriptions, partnerships and events strategy, according to a statement Tuesday.
It’s the first Canadian investment for FT Ventures, which has also put money into Sifted, a European website about startups, and The Business of Fashion. Japan’s Nikkei Inc. owns the Financial Times Group.
The Logic will use the C$4 million ($2.9 million) it has raised to expand its newsroom and business operations. The company, which has bureaus 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 clear that they value the quality and caliber 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,” David Skok, The Logic’s founder and chief executive officer, said in the statement.
The publication’s business model is primarily based on paid subscriptions, which the company says grew almost 60% in the past six months.
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