Losses soar at ex-BBC News chief’s startup, Tortoise.

Tortoise Media, a slow news website founded by former BBC News chief James Harding, has reported a loss of £4.6m ($6.2m) in 2022. This is an increase of almost 45% from the previous year and brings the company’s total losses to £16.3m since its inception in 2018. Despite the losses, Tortoise maintains £4.3m in cash and the same amount in surplus shareholder funds. The company raised £1.1m from its investors, including hedge fund Lansdowne Partners, in January 2023. Tortoise, which focuses on in-depth journalism rather than breaking news, has increased spending on journalists and live events, launching its Kite festival and expanding its Responsible Business Forum events. The company also increased its headcount by almost a third to 73, of which 53 are journalists. Revenues at Tortoise grew by 15% to £6.2m in 2022.