Citizen journalism website blottr.com has secured a "seven-figure investment" from the man behind myvouchercodes.co.uk.
Its chairman Mark Pearson has committed £250,000 to the London-based news site immediately, with more to come over the next six months provided the business meets "certain milestones".
After closing off Blottr's first round of outside financing, its founder Adam Baker, said: "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 plans to use the investment to bolster its team and launch into five new UK cities over the coming weeks.
Pearson, 31, was named in 'The next richest 1000' in the Sunday Times Rich List. The 31-year-old's personal worth exceeds £60m.
He said of his investment: “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."