Solana (SOL)-focused startup accelerator Colosseum announced that it has raised $60 million to invest in early-stage projects.
According to CoinDesk, Colosseum said in a statement that the $60 million fund was oversubscribed and would only invest in selected projects selected from the winners of Solana hackathons.
Colosseum, founded by Clay Robbins, Nate Levine, and Matty Taylor earlier this year, said it completed its first Solana hackathon from March 4 to April 8.
It was also stated that this was the largest participation ever in the Solana hackathon, with more than 8,300 participants from 95 countries.
Clay Robbins, co-founder of Colosseum, said about the fund:
“There is clearly a market demand for new, proprietary venture products in crypto, and we are excited to welcome a diverse group of investors, including ecosystem founders and hackathon alumni, who are alongside us to realize our Colosseum vision.
Solana is the ecosystem we are most excited about as it provides developers with the infrastructure needed to scale crypto products today.”
Robbins also added that the Colosseum has funded 11 different projects so far and distributed $2.75 million.
“Our hackathons are designed to level the playing field for builders around the world to experiment with crypto product development and build on-chain startups,” said Matty Taylor, another Colosseum co-founder and former head of growth at the Solana Foundation.
SOL, which has increased by 7.8% in the last 24 hours, continues to be traded at $ 138.2 at the time of writing.
*This is not investment advice.