Commentary
Letter from the editor: Some big news from The Logic
FT Ventures is the lead investor in our new $4M fundraising round. Here are the details
David Skok, The Logic’s CEO and editor-in-chief, in conversation with Cabot CEO Ben Cowan-Dewar at The Logic Summit in Toronto in June 2023. Photo: Jenna Muirhead for The Logic
Today marks the beginning of an exciting new chapter for The Logic, with the close of a $4-million funding round. Our lead investor is FT Ventures, the corporate venture arm of the Financial Times (FT) Group, which includes the Financial Times.
This investment round includes backing from returning investors Relay Ventures and Four Cornerstones Capital, and participation from Roynat Capital. It marks the first ever Canadian investment by FT Ventures, and is a ringing endorsement of the integrity and independence with which The Logic has reported on Canadian business and technology throughout the six years of our existence.
If you are a longtime reader of The Logic you know that the heart of our journalism is coverage of Canada’s innovation economy. That will not change—and as we grow in the months and years ahead, we will put more resources than ever into our coverage of Canadian tech. But the moment also demands we broaden our scope. Canada needs transformation in its institutions and industry if we are to compete on the global stage.
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As we work to build a world-class news organization here in Canada, we could not have a better partner than FT Group. They produce journalism of the highest quality. They have built a thriving, sustainable modern media business with a long-term view that embraces change and technology. In subscriptions, advertising and events they have set the standard for the global media industry. And in every decision, they put the reader first.
FT Ventures has made a minority investment. The Logic remains a proudly Canadian company, independent in the operation of our newsroom and our business, but we look forward to learning from FT Group.
Study after study shows the Financial Times is the most trusted publication in the United Kingdom, a trust that crosses partisan political lines. The Logic aims to earn a similar degree of trust from Canadian readers as we grow in size and scope in the years to come.
We are four years removed from the beginning of a global pandemic. There are hot wars in Europe and the Middle East, and it is becoming increasingly clear that new alliances are pitting protectionism and authoritarianism against globalization and democracy.
All of this has added to the uncertainty over Canada’s place in the world, and our future prosperity.
We have a highly educated workforce that has led the way on some of the most important technological innovations of our time, ample resources and a growing population. And yet, we face productivity, housing and healthcare crises and a widening wealth gap.
The Logic was founded to ask tough questions and spark hard but necessary conversations, in the belief this will help build Canada’s future. That task is more vital than ever.
It has been a challenging two decades for journalism in Canada. But I’ve consistently said I’m optimistic about the industry’s future. I’m particularly grateful to the angel investors who have supported this company from its inception and who continue to participate and support us to this day.
I hope their belief, and this exciting new investment in Canadian journalism by one of the world’s preeminent news organizations offers some encouragement—to Canadian journalists, to those who have launched journalism startups and to those considering it, and to Canadian investors looking for proof that great journalism can still be a great business.
Brendan Bracken, the larger-than-life chairman of the post-war Financial Times, said that in the making—or breaking—of a newspaper business, people are more important than money. I couldn’t agree more. This fundraise is the culmination of much hard work by our brilliantly talented and supremely dedicated team. I am grateful for their tireless efforts.
Thank you for coming with us on this journey. We are excited to take this next step together.
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