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BigDish looks tasty after raising £2.1mln from institutional investor

While it was already funded to execute its UK roll-out plans, BigDish said the additional capital could accelerate this expansion and potentially allow the group to grow beyond what was initially planned

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The company also expected the extra funds to accelerate the growth of the number of restaurants on its platform

BigDish PLC (LON:DISH) shares were looking tasty on Thursday after the firm raised £2.1mln from an institutional investor to help accelerate the expansion of its restaurant booking platform.

The technology firm said it had placed around 29.1mln new shares with the institution at a price of 7.2p each, a 14.8% discount to its closing price on Wednesday.

READ: Investors tuck into BigDish as it unveils plans for nationwide UK rollout

As a result of the new cash injection, BigDish said that while it was already funded to execute its UK roll-out plans, which were announced last week, the additional capital could accelerate this expansion and potentially allow the group to grow beyond what was initially planned.

The money would also speed up development of new features and functionality, the company said, as well as enable the development of other revenue streams.

The growth of key metrics such as the number of restaurants, bookings and diners on its platform, was also expected to increase at a more rapid pace.

Sanj Naha, the company’s chief executive, said that BigDish was entering its “hypergrowth” phase and that the additional capital would help achieve its current goals of a UK rollout, more customer acquisitions and positive cashflow.

"It is truly an exciting time for BigDish and to have now gained the confidence of an institutional fund is fantastic”, he added.

The shares were up 3.4% at 8.7p in early deals.

--Adds share price--

Quick facts: BigDish PLC

Price: 1.75 GBX

LSE:DISH
Market: LSE
Market Cap: £6.11 m
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