We present observations of the recently discovered supernova 2008iz in M82 with the VLBI High Sensitivity Array at 22 GHz, the Very Large Array at frequencies of 1.4, 4.8, 8.4, 22 and 43 GHz, and the Chandra X-ray observatory. The supernova was clearly detected on two VLBI images, separated by 11 months. The source shows a ring-like morphology and expands with a velocity of ~23000 km/s. The most likely explosion date is in mid February 2008. The measured expansion speed is a factor of ~2 higher than expected under the assumption that synchrotron self-absorption dominates the light curve at the peak, indicating that this absorption mechanism may not be important for the radio emission. We find no evidence for an asymmetric explosion. The VLA spectrum shows a broken power law, indicating that the source was still optically thick at 1.4 GHz in April 2009. Finally, we report upper limits on the X-ray emission from SN 2008iz and a second radio transient recently discovered by MERLIN observations.