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Sportlobster, a social network for sports fans, secures $1m in funding ahead of iOS launch, a new sports social network launched last month has secured a further $1 million (£634,000) in funding ahead of its iOS app launch this month.

Sportlobster aims to be a "one-stop shop for sports fans", with news, rumours, photos and videos, events scheduling, predictions and blogs all on a single online platform.

The investment has come from Wychwood Capital Partners, a private equity firm based in Luxembourg. The firm says the money will allow Sportlobster to graduate from a start-up to a business.

"The recent $1 million is necessary because of the rate at which we're growing. When we launched there were only three of us, now we're a busy team of nearly 20 programmers and marketing professionals and this is all before we bring in a large commercial team in 2014 once confident our user experience is optimised," said co-founder and COO, Arron Shepherd.

CEO Andy Meikle added: "The app is going to dramatically improve the experience of sports fans both in the way they receive relevant information and how they interact with fellow fans around the world.

"Sportlobster is constantly evolving and we work hard everyday to improve the user experience. Our biggest ambassadors are our users and we are convinced the leap in quality experienced with the launch of the app will ensure word spreads fast and user numbers rocket as a result."

John Paul Keane, Managing Director at Wychwood said: "We regard Sportlobster as a groundbreaking, unrivalled platform for sports fans. We believe this is an excellent opportunity and we are delighted to partner with an exciting, dynamic and focused management team. We share the vision, allied to a real commitment to quality and success."