Colosseum is dedicated to utilizing the funds to spend money on successful groups from Solana hackathons.
The group revealed that it secured $60 million in an oversubscribed Fund I. The funds will go in the direction of supporting profitable hackathon groups accepted into Colosseum’s Accelerator.
Colosseum is devoted to attracting, accelerating, and investing in founders with a give attention to cryptocurrency — particularly with Solana (SOL).
“We began Colosseum to allow founders to compete and notice their product imaginative and prescient with out the geographic restrictions of conventional accelerator fashions,” stated Clay Robbins, Co-founder of Colosseum. “It’s evident that there’s a market demand for novel, specialised enterprise merchandise in crypto, and we’re excited to have a various group of traders, together with ecosystem founders and hackathon alumni, alongside us to appreciate our imaginative and prescient for Colosseum.”
Technique
Colosseum’s technique relies on the assumption that on-line hackathons, occasions the place contributors compete to develop a prototype software utilizing a blockchain platform, are important for crypto innovation and development. Many venture-backed startups within the Solana ecosystem originate from these hackathons.
By incorporating these occasions straight into its fund, Colosseum is ready to help founders all through the whole course of, from the early phases of growing an concept to the eventual launch of the primary web.
Earlier this 12 months, Colosseum hosted its first hackathon for the Solana Basis. Over 8,000 contributors from 95 nations submitted 1,000+ merchandise. Following the occasion, 10 winners have been admitted into Colosseum’s on-line accelerator program.
“Our hackathons are designed to stage the enjoying discipline for builders globally to experiment with crypto product growth and launch onchain startups,” defined Matty Taylor, Co-founder of Colosseum.
After the Accelerator program, Colosseum will proceed to help tasks by offering entry to its on-line platform. This consists of on-line instruments like a personal social community for mentors and alumni. The primary official demo day for the present batch of accelerator founders is about for June 27, 2024.