- $60 million has been raised for Colosseum’s first oversubscribed fund.
- Only a limited number of projects selected from Solana hackathon winners will get funding from the Solana accelerator.
Colosseum, a cryptocurrency accelerator that focuses on Solana SOL +0.19%, has received $60 million for its inaugural fund to support entrepreneurs in the early stages of the Solana ecosystem.
According to Colosseum on Tuesday, the fund would only invest in specific concepts that are selected from the Solana hackathon winners. According to Clay Robbins, a co-founder of Colosseum, The Block is the only platform partner for Solana Foundation hackathons at this time.
Earlier this year, Robbins, Matty Taylor, and Nate Levine established Colosseum. In 2020, Taylor, who had previously served as the Solana Foundation’s head of growth, launched the hackathon initiative. Colosseum was given control of the Solana Foundation’s hackathon and accelerator programs in January of this year.
From March 4 to April 8, Colosseum ran its first Solana hackathon on its web platform, Renaissance, according to Robbins. He went on to say that with over 8,300 participants from 95 countries, it was the largest Solana hackathon turnout ever.
Fund I of Colosseum
According to Robbins, Colosseum concluded its Fund I this month after starting to raise funds around the end of last year. According to Robbins, Colosseum had set out to raise $50 million, but the fund was oversubscribed. He mentioned that the fund’s backers included alumni of hackathons and ecosystem founders, but he would not name them.
The fund’s initial transaction size for startups is typically $250,000, but Robbins pointed out that check amounts for subsequent rounds may differ.
Ten projects have received backing from the fund thus far, and all of them will be showcased on June 27 during its inaugural demo day. These include BlockMesh, a Solana-based DePIN project; Urani, a Solana intent-based swap aggregator; and Ore, a mineable currency project on the Solana blockchain.
According to Robbins, the complete deployment of the fund is anticipated to occur over a period of three to four years, contingent upon the size of upcoming cohorts and subsequent investments.
Colosseum’s approach of combining online hackathons with an accelerator and fund can guide the creation, implementation, and expansion of any early-stage technology, according to Robbins, even though cryptocurrency is still in the early stages of its adoption cycle. But the ecosystem that has us the most thrilled is Solana, since it gives builders the infrastructure they need to scale their crypto goods right now.
Robbins stated that Colosseum will speed up the time it takes for teams to determine product-market fit while discussing the effect the fund is expected to have on the Solana ecosystem.
More generally, he continued, we think the Colosseum platform will dramatically accelerate on-chain testing from all around the world.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
