The funding provided by the two will allow the E-commerce analytics firm to work towards expanding into overseas markets.

Based in Edinburgh with a development hub in London, e.fundamentals operates an analytics platform designed to help businesses improve the sales and profit performance of their products on retail and wholesale websites.

The Scotsman reported that e.fundamentals’ platform is currently active across ten countries with the business planning to launch in the US with a platform specifically tailored to the needs of the American market.

The investment follows the appointment of former Skyscanner director Greg Urquhart as chief technology officer earlier in 2019.

The fundraiser was supported by the firm’s long-term investment partners Downing Ventures, which has backed the company since 2017, and SIB, the investment arm of economic development agency Scottish Enterprise.

John Maltman, chief executive of e.fundamentals, said: “The investment gives us the financial resources to expand our business internationally. I’m particularly excited about the huge bank of experience and resources our institutional investors bring to the business.”

Gareth Price, investment director at Maven Capital Partners, said: “e.fundamentals has developed a sophisticated, yet highly intuitive, insights platform which is already playing an important part in developing and influencing the e-commerce sales and marketing strategies of many high-profile, blue-chip brands.

“The business is addressing a large and growing market, and its software has proven to deliver its clients a return on investment of at least four times within one year.

Kerry Sharp, SIB director, added: “It’s great to see e.fundamentals grow their delivery of e-commerce services at pace. This investment round will help their global expansion and we look forward to supporting them on their growth journey.”