Fospha, the leading provider of marketing attribution and optimization software, announced they have raised £5.3m ($7.4m) in funding led by the venture builder Blenheim Chalcot. Dan Cobley, former Google MD of UK & IE and a managing partner at Blenheim Chalcot, has also joined the board.

The new funding will be used for acceleration of product innovation and expansion of the company’s Customer Success, Sales and Marketing functions.

As companies adopt an increasingly broad multi-channel strategy and an arsenal of marketing technology, understanding and optimizing the cost of customer acquisition is one of the most difficult challenges they face. It’s widely acknowledged that marketing effectiveness can no longer be measured by the first or last click alone.

Fospha’s multi-touch attribution product unifies clients’ customer data and applies cutting-edge machine learning to compute the fractional value of each channel interaction (Google, Facebook, etc.) for a granular data-driven view of marketing performance.

“We’re delighted with this latest equity raise and its demonstration of the progress we’ve made powering scalable digital growth for our growing client base and transforming the impact that marketing has on their revenue,” said Sam Carter, Fospha’s CEO.

“As we approach the introduction of the GDPR, the challenge facing marketers – to measure and optimize marketing performance – is greater than ever,” Sam Carter said. “It’s hugely encouraging that the new data regulations validate our focus on outstanding compliance throughout our 18 years’ experience in enterprise customer data engineering. This makes us perfectly placed to thrive under the new legislation.”

Chairman Charles Mindenhall added, “Fospha has shown really positive growth and the evolution of its multi-touch attribution solution is delivering transformational results to SME and enterprise clients alike. I feel very confident that the business has an exciting future ahead of it.”