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.
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.
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