is fully funded until 2021 thanks to a recent raise of £2.1 million, via an institutional placing of just over 29 million new common shares at 7.2p each.
News of the additional capital has driven BigDish shares up nearly 5% to 8.85p.
The food technology company was approached by an institution with this offer of significant expansion capital, despite not requiring additional funding, and in it saw an opportunity to “accelerate… growth.” And the moment seems more than opportune.
Just last week, BigDish announced an expansion to its UK roll-out, with cities such as Brighton and Reading preparing to go live tomorrow. The new capital is set to be directed toward increased marketing for these roll-outs.
Additionally, the company has said it will focus part of the £2.1m sum towards ramping up “the development of new features and functionality across all the BigDish platforms” and generating new revenue streams.
CEO of BigDish Sanj Naha commented on the news, “It is truly an exciting time for BigDish and to have now gained the confidence of an institutional fund is fantastic.
BigDish is now entering the hypergrowth phase and the additional capital enables us to achieve our goals for the UK rollout, customer acquisition and positive cashflow.
Over the past few weeks I have travelled to various parts of the UK, laying the foundations for the BigDish national expansion. The BigDish yield management value proposition is being well received by the restaurants and restaurants groups that I am meeting with. Furthermore, I am having positive discussions with various media groups and other potential partners.”
For more news and updates on BigDish:
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