June 25, 2024
Colosseum, a Solana-focused crypto accelerator, has raised $60 million for its inaugural fund. This fund is dedicated to supporting startups in the early stages within the Solana ecosystem. Investments from the fund will be exclusively directed towards select projects that emerge as winners from Solana hackathons, as stated by Colosseum on Tuesday. At present, Colosseum is the sole platform partner for conducting hackathons under the Solana Foundation, as informed by Clay Robbins, a co-founder of Colosseum.
Project | Latest Raise | Latest Raise Date | Category |
|---|---|---|---|
Colosseum | $60M | June 25, 2024 | DeFi |
The establishment of Colosseum took place earlier this year by Robbins, Nate Levine, and Matty Taylor. Taylor, who previously served as the head of growth at the Solana Foundation, initiated the Solana hackathon program in 2020. In the beginning of this year, the Solana Foundation transferred the responsibility of managing its hackathons and accelerator programs to Colosseum.
Colosseum initiated the fundraising for its Fund I in the latter part of the previous year and concluded it in the current month, according to Robbins. The fund experienced an "oversubscription," with Colosseum's initial target being to amass $50 million, added Robbins. While he chose not to disclose the identities of the fund's supporters, he mentioned that they comprise founders of the ecosystem and alumni of the hackathon.
About Colosseum
Colosseum is an entity that unifies three key elements: Hackathon, Accelerator, and Venture Fund.
Colosseum organizes online hackathons for the Solana Foundation and its wider ecosystem. They hold the belief that these contests are the optimal way to attract and identify the most skilled crypto creators worldwide. Their five-week hackathon offers a fair platform for founding teams to demonstrate their ability to establish crypto startups.
Founding teams that are accepted into the accelerator will be granted an initial investment of $250,000 from Colosseum. The accelerator program concludes with a private Demo Day where founders will present their products to leading venture capitalists.
Website: https://www.colosseum.org/
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