SOCIAL network site has secured $1 million in funding as it prepares to launch its iPhone app.

The site, co-founded by Scot Andy Meikle, has received the backing from Wychwood Capital Partners, a Luxembourg-based private equity firm. Sportlobster bills itself as a one-stop shop for sports news, rumours and content.

Mr Meikle said that in addition to the funding Wychwood will "bring a wealth of strategic assistance and development of start-ups" to the company that will "take us on to the next level".