The tech firm, which is based in Edinburgh with a development hub in London, operates an analytics platform designed to help brand-owners improve the sales and profit performance of their products on retail and wholesale websites.
It intends to use the seven-figure investment round, led by Glasgow-headquartered private equity house Maven Capital Partners, to broaden its international offering.
The tech firm’s platform is currently active across ten countries with the business targeting further “key e-commerce” regions, including plans to launch in the US with a platform specifically tailored to the needs of the American market.
The investment boost follows the appointment of former Skyscanner director Greg Urquhart as chief technology officer earlier this year.
The fundraise was supported by long-term investment partners Downing Ventures, which has backed the tech firm since 2017, and Scottish Investment Bank (SIB), the investment arm of economic development agency Scottish Enterprise.
It builds on a year that has seen e.fundamentals enjoy growth among its client base, which includes household names such as Weetabix, McCain and Twinings.
The firm’s artificial intelligence-inspired technology aims to help clients achieve greater returns by adapting their sales and marketing efforts based on product performance data gathered and reviewed by e.fundamental’s platform.
Chief executive John Maltman 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, which describes itself as one of the UK’s most active private equity houses, 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.
SIB director Kerry Sharp 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.”