New Venture Capital Fund By Colosseum To Boost Solana Blockchain Startups

A former Solana SOL/USD veteran along with others announced the launch of a new venture on Thursday to support and invest in emerging talents in the blockchain sector, specifically focusing on those developing on the Solana platform.

This initiative, called Colosseum, aims to foster industry-defining innovations and startups within the Solana blockchain ecosystem.

Colosseum is a platform where developers can participate in online hackathons. They can evolve their ideas from concept to production and embark on their crypto startup ventures.

The organization will soon take over as the future organizer of Solana Foundation’s hackathons. The hackathons have significantly contributed to the ecosystem's growth over the past three years.

According to a press release shared with Benzinga, over 60,000 people from more than 200 countries have joined eight online events. These hackathons have been a launchpad for 4,000 products. The winners secured $600 million in venture funding.

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This marks the hackathons as one of the largest tech hackathons globally. They have high levels of participation, submissions, and venture funding.

Colosseum aims to scale these hackathons further, providing a robust platform for builders to launch new startups on the Solana blockchain.

The organization's focus is on increasing global developer and founder participation. They aim to discover the next generation of breakthrough startups.

Despite the bear market, Solana has witnessed a significant increase in new developer growth (83%) and improved developer retention rates, from 31% in 2022 to 50% in 2023.

Colosseum is not just about organizing hackathons; it has also introduced an Accelerator Program. This program will offer $250,000 in pre-seed capital to select hackathon winners ahead of their Demo Day.

The organization plans to host two to three hackathons annually, with the first event scheduled for March 4, 2024.

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