BigDish in talks on funding as it issues new shares

The restaurant technology platform said it had enough funding to last till the end of 2020 as it switches its model to software as a service for restaurants taking orders online. It announced the change earlier in July to attract restaurants disenchanted with paying up to 35% commission to aggregator platforms.

BigDish said it had agreements in place with restaurants to pilot its to-go product and was working with a last-mile delivery partner. It said its main focus was acquiring restaurants and that it had not worked out how much to charge but that similar platforms charge several hundred dollars a month.

The company said it would not charge restaurants until its new model was further developed while the industry recover from the coronavirus crisis. Once it has a clearer understanding of restaurant retention and acquisition it will have an indication of revenue potential for 2021, the company said.

BigDish said: "The company is having active discussions with experienced technology investors with regards to further funding. The company will update the market should these discussions prove successful."

BigDish said it was "closely managing its cash position to ensure the business can be adequately managed during this period". The company said it had issued 9.45m shares to directors, managers, employees and consultants under a "salary sacrifice" scheme. They include directors Aidan Bishop, cofounder, and Chairman Jonathan Morley-Kirk.

The company's shares fell as much as 8% and were down 1.4% to 1.43p at 11:58 BST.