EDINBURGH-based e.fundamentals has won £5.3 million backing ahead of a drive to grow international sales of the analytics technology it developed to help users boost online sales.

The funding round was led by Glasgow-based private equity firm Maven Capital Partners, which reckons e.fundementals could achieve rapid growth around the world in what is becoming a very big market.

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Maven said the insights technology developed by e.fundamentals is already playing an important part in developing and influencing the ecommerce sales and marketing strategies of many high-profile brands.

The company’s technology can be used to generate daily updates on the online performance of brands. Customers include Weetabix, McCain and Twinings.

The funding will support continued overseas expansion by e.fundamentals into Europe and the USA.

Led by sales and marketing veteran John Maltman, e.fundamentals plans to launch a version of its technology in the US tailored to the needs of the American market.

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

Mr Maltman founded e.fundamentals in 2016 after working for consumers goods giants Procter & Gamble, PepsiCo and Asda Walmart. e.fundamentals employs around 40 people.

Existing investors Downing Ventures and the government-funded Scottish Investment Bank supported the latest funding round. London-based Downing said e.fundamentals is led by a committed, professional and focused management team.