Free Postcode Lottery, a platform for online lottery, has managed to rake in £1 million in Seed funding from Zeal Investments.
Founded back in 2011, Free Postcode Lottery is free to play, sourcing most of its funding through advertising. The startup says it will use this new inflow of money to accelerate growth and scale internationally. Chris Holbrook, the founder of Free Postcode Lottery, commented,
Partnering with Zeal Investments represents a massive step towards shaking up a slow moving industry. It is clear that the global lottery market is in desperate need of some fresh and original ideas such as the Free Postcode Lottery.
Zeal Investments launched in November 2016, with the objective of seeking to invest in tech startups in the lottery and gaming universe. The deal marks two firsts: it is the firm’s first investment, as well as Free’s first funding from an investor. According to the deal, Zeal Investments is slated to receive a 10% stake in the company. Holbrook said:
It is fantastic to see companies such as Zeal Investments’ 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.
In November last year, Zeal Investments also announced a partnership with startup accelerator MassChallenge, granting the impetus to invest in the tech startups hosted by the programme.
James Oakes, director of Zeal Investments, said:
Partnering with Free Postcode Lottery is a fantastic opportunity for both parties. Not only have the Free Postcode Lottery 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 Free Postcode Lottery reach its full potential.
