Solana-focused accelerator Colosseum has raised $60 million in its first fund to support early-stage startups in the ecosystem, The Block reports.

The structure invests in projects selected during hackathons. The standard amount of investment in a startup is $250,000, the check can grow in subsequent rounds, said Colosseum co-founder Clay Robbins.

According to him, fundraising began at the end of 2023 with a plan of $50 million.

The foundation has already funded the first 10 teams on Solana. Among them: the Ore mining token project, the Urani swap aggregator and the BlockMesh DePIN protocol.