Fomo raises $75M at $550M valuation

Fomo raised $75 million in a Series B round at a $550 million valuation. The round was led by Index Ventures and included Union Square Ventures and Benchmark. The new funding brings Fomo’s total capital to about $94 million.

The app launched in May 2025 and the company reports roughly 625,000 users and $4 billion in trading volume. Fomo says it is adding about 3,500 users per day and operates with a 17-person team.

Fomo was founded in 2025 by former dYdX employees Paul Erlanger, Se Yong Park and Prashan Dharmasena. The product uses a non-custodial model, a roughly 30-second onboarding flow, social features such as leaderboards and copy trading, and access to assets across multiple blockchains without requiring users to manage wallets, bridges or gas fees.

The app added perpetual futures in June. The company plans to expand into equities, derivatives and prediction markets as those products move onchain.

Co-founder Se Yong Park wrote that the new capital will be used for acquisitions and to grow the engineering team.

Angel investors in the round include Zynga founder Mark Pincus, Discord CEO Humam Sakhnini and Eventbrite co-founder Kevin Hartz.

Index partner Julia Andre wrote, “We’re not doing Fomo because it’s a crypto business,” and described the firm’s interest in consumer blockchain trading and the team’s ability to capture demand.

Co-founder Paul Erlanger described the product challenge bluntly: “Onchain trading is just impossible.”

Fomo competes with consumer trading platforms such as Coinbase and Robinhood as those firms broaden their offerings. The startup emphasizes a user experience that feels familiar to mainstream traders while keeping assets non-custodial and maintaining onchain settlement.

The raise comes amid a challenging fundraising environment for many crypto companies. Retail search and trading volume have shown some recovery while Bitcoin traded near higher price levels.