Good Life Plus raises £2.03m at a 20% premium to boost further growth
() , an innovator in the luxury prize draw and rewards sector, announced a successful subscription raise of £2.03m at a price of 2.25p, representing a 20% premium to Friday's closing price of 1.875p. Admission of the 90.2m new shares is expected on March 8, 2024.
Of the £2.03m raised, £2m came from Winforton Investments, a private investment vehicle associated with Mark Blandford, founder of Sportingbet (now Entain). As a result, upon admission Winforton will own 17.9% of 's enlarged share capital.
Good Life Plus said the proceeds would be used mainly for investing in the company's operations, with a focus on marketing initiatives to drive further growth and subscription numbers, as well as for general working capital.
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More good news from newly listed Good Life Plus as it raises £2.03m at a 20% premium only 3 months after a successful IPO that established a £12m market cap. The substantial investment by gaming pioneer Mark Blandford should materially bolster and develop 's subscription base, helping to increase revenue per customer, reduce churn, and scale up faster. Operationally, the new capital will enable to further develop its reward and incentive models.
Good Life Plus stands out as an innovator in the industry. The company's 'freemium' subscription-based model has proven highly successful, resulting in rapid subscriber growth. In contrast with systems like the National Lottery, Good Life Plus prize draws are daily and provide subscribers with considerably better odds and opportunities to save through various offers, discounts and rewards. Blandford is a highly respected name in the industry whose investment in is testament to the company's pioneering business model. Today's news comes days after appointed David Craven as a Non-Executive Chairman, another prominent figure in the global gaming world.
Prior to IPO, boasted over 21,000 active subscribers - a 138% increase over the previous year, with monthly recurring revenues of £210k, similarly up 144% year-on-year. Following a rebranding from Semper Fortis Esports to Good Life Plus, the company raised an impressive £1.4m through a subscription of 70m shares at 2p each. Combined with today's investment, the capital is likely to yield another material year-on-year increase in the number of active members.
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