Good Life Plus raises £1m through CLN to fuel further expansion
() , a UK-based subscription service offering daily prize draws and discounts on popular goods and services, announced the creation of a £2m Convertible Loan Note (CLN) instrument, with an initial £1m subscription already made by Boatside Investments, a private investment vehicle owned by Mark Blandford. Blandford is the founder of SportingBet and 21.1%-owner of Good Life Plus.
The CLN will automatically convert to ordinary shares on July 31, 2025 at the lower of 2.2p/share or the price of any subsequent equity fundraise that occurs before that date. The CLN is open for subscription until January 31, 2025 and allows for the issuance of up to £2m of loan notes.
Good Life Plus said it would use the proceeds on a range of growth initiatives.
Charlie Chadd, CEO of Good Life Plus, commenting: "The continued support from our largest external shareholder represents a strong endorsement of both our progress to date and the scale of the opportunity ahead. The investment strengthens our ability to accelerate growth across key areas and seize new market opportunities. We are excited to build on this momentum, deepen our partnerships, and continue delivering exceptional value for our customers while driving long-term shareholder returns."
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Good Life Plus strengthens its balance sheet with an additional £1m secured via a CLN subscription by industry veteran Mark Blandford. A further £1m within the instrument is available for investors until January 31, 2025, and we expect the full amount to be issued before the deadline. Continued investment by Mark Blandford, founder of SportingBet, further demonstrates ongoing industry confidence in 's growth strategy, which has already generated significant value.
The proceeds from the fundraise will further support Good Life Plus' rapid scaling, specifically in expanding customer acquisition channels, enhancing 's premium subscription offering, strengthening operational performance, exploring further partnerships and advertising opportunities, as well as international expansion.
On the partnerships front, announced a major collaboration with a leading UK mobile operator in September 2024. Since then, has launched a number of new partnerships in full or in pilot. These include agreements with some of the leading affiliates in the UK gaming industry, Reach Plc and the News UK.
's most recent interim results for 1H24 again showed record growth in sales and subscribers, up 59% and 73% respectively since year-end FY23. Building on this success, the group entered 2H with strong momentum, supported by 2 successful capital raises that added £4m to its balance sheet (excluding today's £1m), and the aforementioned landmark partnership with a UK major mobile operator.
The bolstered balance sheet and recent CFO and Advisory Board appointments will further support investment in product development, headcount growth, and D2C marketing to scale the business further. currently has over 40,000 active subscribers, over 1.1 million email subscribers, and 400,000 social media followers after significant investment in digital engagement and market visibility.
Having reached the 40,000 subscribers mark, up 90% since December 2023, and building on 100% YoY growth in FY23, the group has strong momentum, thanks to its unique offering that combines traditional prize draws with value-oriented perks, deals and discounts, all packaged into attractive subscription tiers ranging from free to £29.99.
The global lottery and rewards space sector is currently valued at £261 billion, with continued steady growth projected over the next 7 years. is well-positioned for success within the rapidly expanding market, with its disruptive freemium model enabling low-cost subscriber acquisition while driving recurring revenue predictability, similar to SAAS/B2C models. 's record revenue performance in recent quarters and strong commitment to continued investment in customer acquisition, underpin significant further upside.
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