Solana-focused acceleration fund Colosseum announced today the successful raise of $60 million for its oversubscribed Fund I, aimed at crypto-focused founders globally. This fund is dedicated to pre-seed investments in startups that are developing groundbreaking products on-chain. The capital will primarily support hackathon winners who enter Colosseum’s Accelerator program.
“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.”
Colosseum’s investment strategy is built on the belief that online hackathons are key to innovation and company formation within the crypto sector. Notably, many venture-backed startups in the Solana ecosystem originated from these hackathons, integrating these competitions into the fund’s strategy.
Earlier this year, Colosseum’s first hackathon for the Solana Foundation attracted over 8,000 participants from more than 95 countries, resulting in over 1,000 product submissions. Following the hackathon, 10 winning teams were immediately admitted to Colosseum’s online accelerator.
“Our hackathons are designed to level the playing field for builders globally to experiment with crypto product development and launch on-chain startups,” explained Matty Taylor, Co-founder of Colosseum. He emphasized the potential of these teams to significantly enhance the Solana ecosystem.
Post-acceleration, Colosseum continues to support its graduates by providing lifetime access to its online platform, which includes a range of tools, resources, and a private network of mentors and alumni.
“We are committed to providing a space where both hackathon participants and accelerator founders have the resources needed to excel,” concluded Nate Levine, co-founder of Colosseum.
