FreePostCodeLottery.com bags £1m from Zeal Investments
Funding will fuel ambition of giving away £20,000 a day, with 20% of the UK population playing the game by the end of 2020
FreePostcodeLottery.com, thought to be the world’s first free-to-enter daily lottery, has secured £1m in funding from Zeal Investments (ZI) for a 10% stake in the company – giving it a valuation of £10m.
Founded by Chris Holbrook in 2011, FreePostcodeLottery.com works by selling advertising space instead of tickets. To date the website has given away more than £280,000 to winners, with 300,000 daily users and one in three UK postcodes now registered.
The site has ambitions to be giving away £20,000 a day, with 20% of the UK population playing the game by the end of 2020. The finance will all be reinvested into the site to help achieve this goal.
“This deal is a massive step towards shaking up what is a slow-moving industry. It is clear that the global lottery market is in desperate need of some fresh and original ideas and we believe that the free-to-enter model of FreePostcodeLottery.com provides that.”
James Oakes, director of ZI, said: “Partnering with the FreePostcodeLottery is a fantastic opportunity for both parties. Holbrook has done to lotteries what the freesheet did with newspaper publishing and he is a genuine pioneer disrupting the lottery status quo.”