Solana-based startup accelerator, Colosseum, has raised $60 million for investment in early-stage projects. The round, which was oversubscribed, saw participation from Bonk DAO, an organization managing $124 million worth of BONK tokens. Colosseum plans to use the funds for pre-seed investments in startups selected from the winners of Solana Hackathons. To date, it has invested $2.75 million across 11 startups.

Colosseum's co-founder, Clay Robbins, highlighted the market demand for specialized venture products in crypto and expressed excitement over the diverse group of investors supporting their vision. The accelerator offers a six-week online program to help hackathon winners become part of the Solana ecosystem, find product-market fit, and secure seed funding faster. To qualify, projects must be among the hackathon winners, with the $250,000 prize structured as a simple agreement for future equity (SAFE) with token warrants.