Solana-focused Colosseum raises $60 million to support hackathon teams
Colosseum is committed to using the funds to invest in winning teams from Solana hackathons.
The group revealed that it secured $60 million in an oversubscribed Fund I. The funds will go towards supporting successful hackathon teams accepted into Colosseum’s Accelerator.
Colosseum is dedicated to attracting, accelerating, and investing in founders with a focus on cryptocurrency — specifically with Solana (SOL).
“We started Colosseum to enable founders to compete and realize their product vision without the geographic restrictions of traditional accelerator models,” said Clay Robbins, Co-founder of Colosseum. “It’s evident that there is a market demand for novel, specialized venture products in crypto, and we are excited to have a diverse group of investors, including ecosystem founders and hackathon alumni, alongside us to realize our vision for Colosseum.”
Strategy
Colosseum’s strategy is based on the belief that online hackathons, events where participants compete to develop a prototype application using a blockchain platform, are essential for crypto innovation and growth. Many venture-backed startups in the Solana ecosystem originate from these hackathons.
By incorporating these events directly into its fund, Colosseum is able to assist founders throughout the entire process, from the early stages of developing an idea to the eventual launch of the main net.
Earlier this year, Colosseum hosted its first hackathon for the Solana Foundation. Over 8,000 participants from 95 countries submitted 1,000+ products. Following the event, 10 winners were admitted into Colosseum’s online accelerator program.
“Our hackathons are designed to level the playing field for builders globally to experiment with crypto product development and launch onchain startups,” explained Matty Taylor, Co-founder of Colosseum.
After the Accelerator program, Colosseum will continue to support projects by providing access to its online platform. This includes online tools like a private social network for mentors and alumni. The first official demo day for the current batch of accelerator founders is set for June 27, 2024.
