BigDish foodtech startup launches IPO…in London
BigDish, a restaurant reservations startup that was founded in Manila in 2016 will push through with its announced plans to expand operations in the United Kingdom with the launch of its initial public offering (IPO) in London.
The BigDish Manila crew
The company, which started life in Manila and subsequently expanded to Jakarta and Hong Kong, was the first in the Philippines to introduce a yield management platform for restaurants in early 2017. Yield management is a pricing strategy that charges different prices at different times for the same product and can help restaurants generate new customers as well as optimize revenue. The airline and hotel industry have been utilizing yield management for years and the restaurant industry is now starting to see the benefits of filling up empty tables at off peak times.
The mobile application allows users to make instant reservations on discounted seats with partner restaurants at specific times via its app or website. Depending on the day and time, discounts range from 10 to 50 percent off, with the higher discounts being allocated to reservations made during off-peak and quieter times.
To date, BigDish has over 20,000 users based in Metro Manila, which is 5,000 more than what was recorded last April. The company also acquired two other food tech start-ups that will be revealed later this year. One is based in the UK and is the first restaurant yield management solutions in the world while the other, is a popular travel and restaurant discovery local mobile app.
BigDish co-Founder & CEO, Joost Boer is very excited about the coming London IPO. “We are thrilled to announce our IPO on the London Stock Exchange, one of the most prestigious bourses in the world. We are extremely proud of our Philippine heritage and the team has worked incredibly hard to achieve this key milestone in our short company history,” Boer noted.
“Our team is vital to our business and as such we have distributed equity to all of our team as a reward for their tireless work so they can share in the future success of our company.”
Boer is aware that the technology sector is booming in the Philippines and says they at BigDish expect this trend to continue. As a growing startup, the Company hopes that it will be an inspiration to aspiring Filipino tech entrepreneurs that Philippine grown business can achieve global ambitions.
“Filipino tech engineers are amongst the best in the world and recently whilst in London it was great to receive so many compliments with regards to the look and feel of our app. The IPO provides us with funding that enables us to both grow BigDish within our current markets as well as continue to further develop our technology. We have some great new products in the pipeline all of which are designed to make the dining experience better for both diners and restaurants alike!” Joost concluded.
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