The firm will use the investment to expand internationally, including launching in the US with a new version of its platform tailored to that market.

Based in London and Edinburgh, the company operates in 10 countries. Its platform is used by brand owners to help improve their sales and profit performance on retailers’ and wholesalers’ websites. Clients include Weetabix, McCain and Twinings.

Gareth Price, investment director at Maven Capital Partners, said the platform is "playing an important part in developing and influencing the e-commerce sales and marketing strategies of many high-profile, blue-chip brands".

John Maltman, chief executive at e.fundamentals (pictured), added: "We’re delighted to have secured the support of Maven Capital alongside long-term partners Downing, Scottish Enterprise and our inspiring private backers. 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."