Good Life Plus (GL+) is an early-stage, entertainment-focused, subscription-based prize draw operator. Based in the UK, the business was founded in 2021. The majority of GL+’s members pay a subscription fee, which provides entry into daily prize draws for relatively high-value consumer goods and experiences, ranging from cash prizes and holidays to luxury cars. A key differentiator of GL+’s value proposition is the discounts and offers to members for UK-based restaurants, cinemas and other entertainment-focused experiences. The company to date has limited financials and as such we rely on management’s internal expectations to derive future EBITDA margins and valuation. We have provided some sensitivities around management’s base case assumptions due to the early-stage nature of the business and high level of execution risk.