Solana’s Colosseum has successfully concluded a $60 million funding round for its inaugural fund aimed at expanding its accelerator program for startups. The funding will be allocated for pre-seed investments in teams accepted into Colosseum’s Accelerator program, which is designed to attract more developers and startups to the Solana ecosystem.
Clay Robbins, co-founder of Colosseum, expressed, “We established Colosseum to provide founders with the opportunity to compete and realize their product vision without being confined by traditional accelerator models’ geographical limitations. It is clear that there is a demand in the market for innovative, specialized venture products in the crypto industry.”
Colosseum, an independent organization, is focused on fostering the growth of the Solana ecosystem through various endeavors, including virtual hackathons and its accelerator program. Projects chosen for this program are granted a $250,000 pre-seed investment, as well as access to Solana’s network of mentors and venture funds.
Since January 2024, Colosseum has been at the forefront of Solana’s hackathons, following the transfer of some of its initiatives from the Solana Foundation to the group. Under the foundation’s management, the hackathons have attracted over 60,000 participants through eight programs that have been held since 2020. Reportedly, hackathon participants have launched 4,000 products and secured over $600 million in venture funding.
In early 2024, Colosseum hosted its first hackathon for the Solana Foundation, drawing 8,000 builders from 95 countries. The program received over 1,000 product submissions during a five-week competition.
Nate Levine, co-founder of Colosseum, stated, “We are dedicated to offering a space where both hackathon participants and accelerator founders have the necessary resources to thrive.”
According to a spokesperson, the majority of venture-backed startups in the Solana ecosystem originated from Solana’s hackathons. These startups have raised over $650 million in venture capital, with total valuations in the billions.
As of January 2024, the Solana ecosystem had more than 2,500 monthly active developers on open-source repositories.