Solana Accelerator Colosseum Locks $60M Fund For Ecosystem Growth

Key Points:

• Colosseum accelerator secures a $60 million Solana-focused fund.
• The fund targets Solana Hackathon winners for pre-seed investments.
• Bonk DAO plans a $500,000 investment in the fund.

Solana accelerator Colosseum has closed a $60M fund for early-stage crypto ventures. The fund will focus on pre-seed investments from Solana Hackathons.

According to CoinDesk, Solana-focused Colosseum accelerator has just closed a $60 million fund to invest in early-stage initiatives—this startup accelerator, which invested $250,000 in 11 firms, hosted hackathons for the Solana ecosystem.

Solana Accelerator Colosseum Closes $60 Million Fund

The new oversubscribed fund will focus on pre-seed investments in just a few winners from Solana Hackathons. Colosseum’s co-founder Clay Robbins says this makes for exciting times dealing with market demand for new and niche venture products in crypto.

He pointed to the attraction many investors have for the fund as the belief by the LPs at Colosseum in the potential of the Solana ecosystem. “The institutional LPs, while investing, are looking at the future—not necessarily focused on one ecosystem but on the potential of the model,” he said.

Colosseum regards hackathons as the cradle of crypto innovation and company formation, which bring together developers and founders in a frenzy of innovation. Over 8,000 participants flocked to the first Solana hackathon held by the accelerator earlier this year.

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Major Contributors to Colosseum’s Fund

Matty Taylor, co-founder of Colosseum and formerly the head of growth at the Solana Foundation, indicated that their hackathons were planned to level the playing field for builders worldwide.

Among the investors, Bonk DAO, a council of 12 Solana power brokers managing $124 million worth of BONK tokens, announced plans earlier in the year to invest $500,000 in the fund.