Colosseum, a Solana-focused crypto accelerator, has raised $60 million for its first fund to back early-stage startups in the Solana ecosystem.

The fund will only invest in select projects chosen from winners of Solana hackathons, Colosseum said Tuesday. Colosseum is currently the exclusive platform partner for running Solana Foundation hackathons, Clay Robbins, co-founder of Colosseum, told The Block.

Colosseum was founded earlier this year by Robbins, Nate Levine and Matty Taylor. Taylor, a former head of growth at Solana Foundation, started the Solana hackathon program in 2020. In January of this year, Solana Foundation handed over the management of its hackathons and accelerator programs to Colosseum.

Colosseum completed its first Solana hackathon on its online platform, …