'Citizen Journalism' is on the rise. News-site Blottr enables anyone to capture, report, collaborate and discover news as it's happening around them. This new, crowd-sourced model has just been given the ultimate seal of approval: a £1m investment from one the the UK's savviest business owners, Mark Pearson.
The deal is complex. Pearson has drafted an agreement whereby he will commit £250,000 immediately, with the remaining amount spread over the next six months on the condition that Blottr meets series of business milestones.
Blottr founder, Adam Baker, says: "I'm delighted to announce this deal. 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."
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. Birmingham, Bristol, Edinburgh, Leeds and Manchester are all ready to go live imminently.
Mark Pearson says this deal was a no-brainer for him: "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".