GCIGood Life Plus raises £2m, surpasses 40,000 subscribers amid strong growth momentum
() , a UK-based subscription service offering daily prize draws and discounts on popular goods and services, said it has raised £1.5m via a placing of 60m shares at 2.5p/share via broker Tennyson Securities.
Additionally, raised £500k through a direct subscription for 20m shares to new and existing investors. Among these is Winforton Investments, a private investment vehicle associated with Mark Blandford, 20.6%-owner of Good Life Plus. Winforton subscribed to 12m of the 20m shares in the direct subscription. Good Life also announced the conversion of £287,500 of convertible loan notes at a 10% discount to the issue price of 2.5p/share.
Good Life Plus said it would use the proceeds to support continued expansion, with a focus on "aggressive customer acquisition, partnership acceleration, and operational improvements". More specifically, said it would deploy funds to enhance its premium subscription offering and increase average revenue per user, support infrastructure upgrades to facilitate further market penetration, and explore above-the-line advertising opportunities to boost brand visibility.
In a separate trading update, Good Life Plus said it has reached 40,000 subscribers, representing 90% growth since floated on AQSE in December 2023.
shares jumped 6.8% on the news to 2.35p.
View from Vox
Good Life Plus has successfully raised £2m at a premium to yesterday's closing price, triggering a positive reaction from markets, with shares trading 6.8% higher on Tuesday to 2.35p. Notably, industry veteran Mark Blandford increased his stake in the company, adding 12 million new shares and further validating 's disruptive strategy that has resulted in rapid growth since the group listed on AQSE less than a year ago.
The fundraise significantly strengthens 's balance sheet, enabling it to implement key growth initiatives detailed above. This should further accelerate customer acquisition through new D2C channels, new partnerships and expanded existing partnerships, and potentially new advertising initiatives. Among Good Life Plus' blue-chip partners are HelloFresh, Beer52, Radisson Hotels, Vue Cinemas, and most recently a UK tier-one mobile operator.
Having reached the 40,000 subscribers mark, up 90% since Dec'23, and building on 100% YoY growth in 2023, the group already 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.
Aside from Mark Blandford, has attracted a dream team of industry talent and investors to help establish it as a leader in the space. Notable names include Victor Chandler of BetVictor, David Ivy of dogDigital, Ian McCaig of Fiit, John Gordon of Incentive Games, and Fraser Doherty of Beer52.com.
Follow News & Updates from Good Life Plus:
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.