We describe a collinear velocity-map photoelectron imaging spectrometer, which combines a Wiley-McLaren time-of-flight mass analyzer with a dual-valve laser vaporization source for investigating size-selected cluster and reaction intermediate anions. To generate the reaction anions conveniently, two pulsed valves and a reaction channel are employed instead of premixing carrier gas. The collinear photoelectron imaging spectrometer adopts modified velocity-map electrostatic lens, and provides kinetic energy resolution better than 3%. The performance of the instrument is demonstrated on the photodetachment of Si4^- at 532 and 355 nm, and SiaC^- at 532 nm, respectively. In both cases, photoelectron spectra and anisotropy parameters are obtained from the images. For Si4^-, the spectra show two well- resolved vibrational progressions which correspond to the ground state and the first excited state of the neutral Si4 with peak spacing of 330 and 312 cm^-1, respectively. Preliminary results suggest that the apparatus is a powerful tool for characterizing the electronic structure and photodetachment dynamics of cluster anions.