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LONDON (Alliance News) - BigDish PLC on Thursday said it will be fully funded until 2021 after it raised GBP2.1 million via a share placing.
The company, which owns a restaurant booking app, issued 29.2 million shares in the placing at 7.2 pence each. BigDish shares were trading up 0.9% at 8.52p each on Thursday morning.
The company said it was approached by an unnamed institution to provide an offer of significant expansion capital. Despite already been fully funded, BigDish agreed to the offer and will use the funds to accelerate the development of new features and functionality across its platform.
The funds will accelerate the UK rollout and, through increased marketing spend, help increase the rate of user acquisition, the company added.
Chief Executive Officer Sanj Naha said: "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."
