Millions of Dollars of Investment in These Projects from Solana-Based Platform!

Solana accelerator Colosseum raised $60 million for its first fund. The Solana accelerator will invest exclusively in projects selected from among the winners of SOL hackathons.

Colosseum has raised $60 million in funds: It will invest in these projects!

cryptokoin.com As you follow from , investments in the crypto world continue unabated. Colosseum, a Solana-focused crypto accelerator, has raised $60 million for its first fund to support early-stage startups in the SOL ecosystem. Colosseum said Tuesday that the fund will invest exclusively in projects selected from among the winners of SOL hackathons. Clay Robbins, co-founder of Colosseum, noted that Colosseum is currently an exclusive platform partner for running Solana Foundation hackathons.

Colosseum was founded by Robbins, Nate Levine and Matty Taylor earlier this year. Taylor, the former growth manager of the Solana Foundation, launched the Solana hackathon program in 2020. In January of this year, the Solana Foundation handed over the management of its hackathon and accelerator programs to Colosseum. Robbins said Colosseum completed its first SOL hackathon on its online platform Renaissance between March 4 and April 8. Robbins added that it was the largest turnout for a SOL hackathon to date, with more than 8,300 participants from 95 countries.

Solana-based Colosseum supported these projects, with more to come!

Colosseum began raising money for Fund I towards the end of last year and closed this month, Clay Robbins said. Colosseum initially aims to raise $50 million, Robbins said. However, he added that there was “excessive demand” for the fund. Meanwhile, Robbins did not disclose the names of the fund’s supporters. But he noted that they included ecosystem founders and hackathon graduates.

The fund’s first contract size per enterprise is a standard investment of $250,000. However, Robbins stated that following breeds may vary in check sizes. As for its first investments, the fund supported 10 projects. These will all be available at the first demo day on June 27th. These include Ore, a mineable token project on the Solana Blockchain, Urani, an exchange aggregator, and BlockMesh, a DePIN project.

Colosseum will distribute the fund within 3 to 4 years

Full distribution of the fund will likely occur within three to four years, Robbins said. He further noted that this will depend on the size of a batch of future clusters and subsequent investments. In this context, Robbins made the following statement:

Crypto is now early in its adoption cycle, and Colosseum’s model of integrating online hackathons with an accelerator and funding could lead to the development, implementation, and growth of any early-stage technology. However, Solana is the ecosystem we are most excited about as it provides builders with the infrastructure needed to scale their crypto creations today.

As for Colosseum’s funding impact on the Solana ecosystem, Robbins said Colosseum will accelerate the time it takes for teams to find product-market fit. “More broadly, we believe the Colosseum platform will greatly increase the pace of on-chain experiments coming from all corners of the world,” he added.