Free Postcode Lottery, an online lottery platform, has raised £1m in Seed funding from Zeal Investments.
Founded in 2011, Free Postcode Lottery is free to play and funded by advertising. The startup says it will use the funding to accelerate growth and scale internationally.
Chris Holbrook, 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.”
Launching in November 2016, Zeal Investments seeks to invest in techs startups in the lottery and gaming space. The deal marks the firm’s first investment, and will see Zeal Investments receive a 10% stake in Free Postcode Lottery.
“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,” Holbrook added.
Zeal Investments also announced a partnership with startup accelerator MassChallenge back in November last year, providing an opportunity 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,” he concluded.