Good Life Plus raises £860k, converts £1m loan notes to support next phase of growth
() , a UK-based subscription service offering daily prize draws and discounts on popular goods and services, said it has raised £860k by means of a subscription of 40m shares at 2.15p/share by Winforton Investments.
Winforton is a private investment vehicle associated with Mark Blandford, the founder of Sportingbet and 21%-owner of Good Life Plus. The new shares will be admitted to the Access Segment of the Aquis Growth Market at market open on April 24, 2025.
Additionally, Goodlife announced the conversion £1.0m of Convertible Loan Notes subscribed by Boatside Investment on January 8, 2025, at the same 2.15p price. Boatside is another investment vehicle owned by Mark Blandford. The CLNs will convert to c. 46.5m new shares in , with admission expected on April 29, 2025.
Following the issue of the subscription and conversion shares, 's issued share capital will consist of 898,561,607 ordinary shares.
Charlie Chadd, CEO of Good Life Plus, commenting: "We are very pleased to have secured additional investment from our largest shareholder. Their continued support is a strong endorsement of the progress we have made and the scale of the opportunity ahead. The funds raised will enable us to build on recent momentum, fast-track new initiatives, and deepen our brand and media partnerships. With a growing subscriber base, record revenues, and an expanding product portfolio, we are well placed to capitalise on the market opportunities now presenting themselves."
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Good Life Plus has bolstered its balance sheet with an additional £860k via subscription by its largest shareholder and industry veteran Mark Blandford. Continued investment by Blandford, founder of SportingBet, further demonstrates ongoing industry confidence in 's growth strategy, which has already generated significant value:
recently reported full-year revenues of £3.7m for FY24/25, compared to £1.7m in H1, indicating strong momentum. Monthly recurring revenues surged to £420m in January 2025, up from £330m in July 2024, while subscriber numbers grew steadily, reaching over 40,000 by year-end, compared to 37,000 at the half-year mark.
Positive trading continued into the new financial year, with March 2025 being another record month for revenues, reaching an estimated £500k for the first time in the group's history. Partnership expansion also continued, including News UK, Reach, Gambling.com, and a tier-one UK mobile operator, with more high-profile partnerships in active negotiation.
The proceeds from the subscription will be used to accelerate 's next phase of growth, focusing on customer acquisition, brand and media partnerships, and platform development. The capital injection will support the evolution of 's subscription product, with expected continued improvements in conversion, retention and average revenue per user.
Investment in the these areas has already driven rapid subscriber growth, with steadily improving ROI on marketing spend. Customer acquisition costs are also decreasing, while customer lifetime value continues to rise. said it will use the proceeds from today's fundraise to further expand into the digital infrastructure and content space, to develop new revenue streams and deliver a better user experience. These initiatives broadly align with 's aggressive growth strategy across both B2C and B2B segments.
Overall, 's high capex at this early stage of growth has already yielded rapid and effective advancements in technology development, content production, and business intelligence, establishing a strong platform on its recently redesigned website, and allowing rapid scaling of revenue streams across B2C and B2B into FY25/26. 's record revenue performance in recent quarters and continued strong investment in customer acquisition underpin significant further upside.
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.
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