Lottery and prize draw startup nets £2m in subscription funding from Sportingbet founder
Mark Blandford, via Winfornton Investments, gives backing to Good Life Plus as analysts peg business a “disruptive offering” in the UK
Good Life Plus has secured more than £2m in a subscription raise led by Sportingbet founder Mark Blandford as the luxury prize draws challenger brand looks to make waves in the market.
Good Life Plus, which was founded by brothers Charlie and Joe Chadd, said the capital would be used to fund group operations and marketing initiatives.
The subscription included a total 90,222,223 ordinary shares of £0.001 each at a price of 2.25p resulting in a £2.03m raise.
Good Life Plus confirmed an application will be made to the Aquis Stock Exchange for the subscription shares to be admitted to trading.
Trading for those shares is expected to commence on or around 8 March.
Of the total subscription shares, Blandford, via private investment vehicle Winfornton Investments, subscribed to £2m.
As a result, Winfornton will be interested in 128,888,889 ordinary shares which will represent approximately 17.9% of the company’s enlarged share capital.
The capital raise comes less than a week after Good Life Plus appointed former Allwyn CEO and The Tote MD David Craven as chair.
Craven replaced former chair Keith Harris, who has stepped down from his role with immediate effect after helping oversee the group’s IPO and recent capital injection.
Charlie Chadd, Good Life Plus CEO, said: “This investment significantly boosts our capacity for growth, targeting an increase in subscriber base, reduction in churn and a rise in average revenue per customer.
“It enables strategic enhancements in our operations, fostering more partnerships and pioneering new reward and incentive models,” he added.
On the commitment from Blandford, Chadd was effusive in his praise for the Sportingbet founder.
He continued: “Growth is not just a matter of capital but also of knowledge. Mark is a respected investor across a broad range of sectors, including gaming, entertainment, support services and data driven scalable tech businesses, and securing further investment from him underscores the strength of our business model.
“Coupled with David Craven’s recent appointment as chairman, a prominent figure in the global gaming world, we are now well positioned to transition from a disruptor to an industry leader. Our innovative approach aims to revolutionise the prize draw and rewards landscape.”
Last week, Edison Group released a note on Good Life Plus, which described the business as a “disruptive offering” in the UK prize draw and lottery sector.
The business, which was founded in 2021, is reported to have a user base of around 25,500 subscribers and more than 800,000 email subscribers.
The Edison note read: “Management believes its model provides an exciting alternative to the current traditional lottery and prize draws from operators including the People’s Postcode Lottery, The UK National Lottery, Best of the Best and Omaze.”