The business said on Tuesday that Colosseum, a newly established startup accelerator that hosts hackathons for the Solana ecosystem, has raised $60 million for an early-stage investment.
The oversubscribed fund will concentrate on pre-seed investments in certain firms chosen by Solana Hackathon winners. “It’s evident that there is a market demand for novel, specialised venture products in crypto, and we are excited to have a diverse group of investors, including ecosystem founders and hackathon alumni, alongside us to realise our vision for Colosseum,” said Clay Robbins, co-founder of Colosseum, in a statement
Given the substantial amount of capital that Colosseum raised, Robbins was asked what drew investors to the fund. “Most of Colosseum’s LPs are agnostic to ecosystem but believe in the team’s immediate thesis that the Solana ecosystem has the most potential,” he replied.
Institutional LPs invest not so much in a fund that is focused on a single ecosystem as they are more interested in this model and its potential for the future.” Hackathons, which are gatherings of developers and entrepreneurs for the purpose of innovation, are viewed by the accelerator as the “crucible” of crypto innovation and the creation of new companies. The statement claims that it held its inaugural Solana hackathon earlier this year, drawing up more over 8,000 participants.
According to Robbins, Colosseum has invested $2.75 million and supported 11 businesses thus far. “Our hackathons are intended to create an equitable environment for builders worldwide to explore cryptocurrency product development and establish onchain startups,” stated Matty Taylor, a co-founder of Colosseum and a former Solana Foundation growth head.
According to Robbins, Colosseum has invested $2.75 million and supported 11 businesses thus far. A 12-member council of Solana power brokers known as Bonk DAO, which oversees $124 million worth of BONK coin, is one of the investors. It said earlier this year that it intends to contribute $500,000.