Blottr secures £1m investment from MyVoucherCodes millionaire
Company plans to scale its operations
Blottr, the user-generated news startup, has closed its first round of outside financing with MyVoucherCodes founder Mark Pearson, who has committed £1m to the business.
The deal, one of the largest single-investor Angel deals in Europe over the last 12 months, sees Pearson commit £250,000 immediately, with the remaining amount spread over the next six months, subject to the business meeting certain targets.
Founded last year by Adam Baker, Blottr’s website went live in February of this year. The site, blottr.com, enables users to capture, report, collaborate and discover news in a form of ‘citizen journalism’.
The company will use the investment to scale its operations, initially by bolstering its team and launching into five new UK cities over the coming weeks.
Baker said he was “delighted” with deal, adding that “not only have we managed to secure significant funding to enable us to aggressively grow Blottr and broaden the locations we’re currently in, but we are able to welcome a hugely passionate, successful entrepreneur in Mark to our team and board.”
Pearson, who was recently named in ‘The next richest 1,000’ in The Sunday Times Rich List with personal worth exceeding £60m, commented:
“Blottr is the most exciting news start up I have seen and I feel it has a perfect fit with the portfolio of companies that I have invested in. I am hugely excited about the long term potential of Blottr and also impressed by the rapid growth and traction that the company has already gained in such a short period of time”.