GBP 1 million for a 10 percent stake
ZEAL Investments (ZI), part of the ZEAL Network group, has invested GBP 1 million in the free-to-play online lottery platform, Free Postcode Lottery (FPL) for a 10 percent stake in the business.
Recently launched, this is ZEAL Investments first investment following a partnership with start-up accelerator MassChallenge.
FPL, founded in 2011, is a popular free to play, ad-funded lottery in the UK, forecasting GBP 1 million in revenues and GBP 400,000 EBIT in 2016. The company will use the investment to "turbo charge" its growth and scale on an International level.
"Partnering with the Free Post Code Lottery is a fantastic opportunity for both parties," ZEAL Investments director, James Oakes, said. "Not only have the FPL team created a hugely promising business in a particularly interesting gap in the market, but they have also developed an initiative that really disrupts the lottery status quo.
"It is this joint vision in subverting the industry that makes this partnership so attractive for both parties. We cannot wait to see the FPL reach its full potential".
"It is clear that the global lottery market is in desperate need of some fresh and original ideas such as the FPL," Chris Holbrook, founder of FPL adds. "It is fantastic to see companies such as ZI's commitment to seeking out the most ambitious companies operating within the market with the potential to shake up the lottery industry and propel the sector forward."
More than a simple funding investment, ZEAL Investments will act as a strategic advisory partner to FPL offering strategy, data and compliance guidance.
Online Casino News Courtesy of Infopowa