Crypto trading application Fomo announced on Monday that it has closed a $75 million Series B fundraise led by traditional venture capital powerhouse Index Ventures, with participation from Union Square Ventures and other early backers. The round values Fomo at $550 million. Additional investors include Zygna cofounder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite cofounder Kevin Hartz.
Index Ventures, best known for investments in non-crypto companies like Figma and Scale AI, is no stranger to blockchain. The firm previously backed stablecoin startup Bridge, which was acquired by Stripe for $1.1 billion in 2025. Union Square Ventures has also invested in blockchain Polygon and crypto developer Matter Labs.
Simplifying On-Chain Trading for Mainstream Users
Fomo's name is derived from "fear of missing out," but cofounder Paul Erlanger insists the startup's ethos is about being "fearless" rather than fearful. Erlanger, along with cofounders Se Yong Park and Prashan Dharmasena, previously worked at crypto trading platform dYdX, where they witnessed firsthand the difficulties of trading digital assets: thousands of cryptocurrencies, countless blockchains, arcane swap fees, and complicated onboarding. "Onchain trading is just impossible," Erlanger told Fortune. In 2025, they founded Fomo with the goal of enabling anyone — crypto-savvy or not — to onboard, fund an account, and buy a token within 30 seconds.
The app features a leaderboard showcasing top traders, a feed displaying users' latest trades, and the ability to share trading history on social media. This combination of simplicity and socially motivated trading resonated with investors. Fomo's seed round attracted 140 angel investors, including Polygon Labs CEO Marc Boiron, former Coinbase CTO Balaji Srinivasan, and Solana cofounder Raj Gokal. Benchmark, a venture firm historically cautious about crypto, led the $17 million Series A.
Non-Custodial Model and Global Ambitions
Unlike Coinbase and Robinhood, Fomo is non-custodial — it does not handle customers' money, which arguably exempts the platform from certain money-handling regulations. "We do everything we can to remain compliant," said cofounder Park. Fomo lists more assets than Coinbase, is available globally, and is onboarding around 3,500 new users per day. Despite having only 17 employees, the company plans to use its fresh capital to hire more engineers and potentially acquire smaller companies. "The goal is to be the largest trading app in the world," proclaimed Erlanger. In June, Fomo listed perpetual futures contracts, and the team envisions expanding into stocks, derivatives, and other assets on the blockchain, ultimately shedding the "crypto app" label.
Julia Andre, a partner at Index Ventures, explained the investment rationale: "We're not doing Fomo because it's a crypto business. We're doing Fomo because we think there is a market shift there, and they have what it takes to capture this next wave of consumer blockchain trading." In a crypto down market, it is rare to see established generalist VCs lead a fundraise for a crypto startup, signaling cautious optimism about simplified on-chain trading infrastructure.