PANews reported on June 25 that Colosseum, a startup accelerator focused on Solana, announced that it has raised $60 million for its fund to invest in early-stage projects, according to CoinDesk. The fund has been oversubscribed and will focus on pre-seed investments in startups selected by the winners of the Solana Hackathons. The accelerator sees hackathons as a "melting pot" for crypto innovation and company formation. It held the first Solana hackathon earlier this year, attracting more than 8,000 participants, according to the statement. To date, Colosseum has funded 11 companies and deployed $250,000.