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 announced that it had raised $60 million from the oversubscribed Fund I. Funds will be used to support successful hackathon teams accepted into Colosseum’s Accelerator.

Colosseum is dedicated to attracting, accelerating and investing in founders, focusing specifically on cryptocurrency with Solana (SOL).

“We started Colosseum to enable founders to compete and realize their product visions without the geographic constraints of traditional accelerator models,” said Colosseum Co-Founder Clay Robbins. “There is clearly a market demand for new, proprietary venture products in crypto, and we are excited to have a diverse group of investors, including ecosystem founders and hackathon alumni, on board to realize our Colosseum vision.”

Strategy

Colosseum’s strategy is based on the belief that online hackathon events, where participants compete to develop a prototype application using a blockchain platform, are essential for crypto innovation and growth. Many venture-backed initiatives in the Solana ecosystem stem from these hackathons.

By incorporating these events directly into its funding, Colosseum is able to assist founders throughout the entire process, from the early stages of idea development to the final launch of the mainnet.

Earlier this year, the Colosseum hosted the first hackathon for the Solana Foundation. More than 8,000 exhibitors from 95 countries presented more than 1,000 products. Following the event, 10 winners were accepted into Colosseum’s online accelerator program.

“Our hackathons are designed to level the playing field for builders around the world to experiment with crypto product development and build on-chain startups,” said Colosseum Co-Founder Matty Taylor.

Following the accelerator program, Colosseum will continue to support projects by providing access to its online platform. This includes online tools such as a private social network for mentors and alumni. The first official demo day for the current crop of accelerator founders is set for June 27, 2024.