Full Breakdown
Fomo Secures $75 Million Series B at $550 Million Valuation
6/25/2026, 2:27:45 PM
Funding Amid Crypto Downturn
In June 2026, Fomo closed a $75 million Series B led by Index Ventures and Union Square Ventures, valuing the New York-based on-chain trading app at $550 million. The round also included Benchmark and a 140-person angel cohort featuring Polygon Labs CEO Marc Boiron, former Coinbase CTO Balaji Srinivasan and Solana co-founder Raj Gokal. The raise comes as Bitcoin trades near $61,500, a rare influx of venture capital into crypto consumer products during a slump.
Founders and Investor Profile
Fomo was founded in 2025 by former dYdX engineers Paul Erlanger, Se Yong Park and Prashan Dharmasena. Index Ventures partner Julia Andre and Union Square Ventures represent the lead investors; Benchmark remains a repeat backer. The angel group bridges crypto-native and mainstream tech figures, highlighting a rare venture-capital convergence on a consumer-focused blockchain app.
Product Strategy
Fomo markets a “social-first” non-custodial app that aggregates liquidity, automates routing and supports Apple Pay onboarding. Features include a leaderboard, copy-trading feed and support for equities, perpetual futures and prediction markets. The Series B will fund engineering hires, broader asset coverage and acquisitions of smaller on-chain platforms.
Key Metrics
- Valuation: $550 million
- Users: 600,000 (Fortune) vs. 250,000 (Startup Fortune)
- Trading volume: >$4 billion (Fortune) vs. $1.5 billion (Startup Fortune)
Official Statements
Index Ventures partner Julia Andre said the investment reflects a market shift, not a pure crypto play. Co-founder Park stressed non-custodial design as a compliance safeguard. Erlanger reiterated aim to become the largest trading app. Benchmark’s repeat participation signals confidence.
Criticism & Opposition
Analysts warn copy-trading can boost user spikes but also generate blame when mirrored trades lose, eroding trust. Non-custodial model may still attract regulatory scrutiny as authorities tighten oversight of on-chain services. Reliance on social signals could be vulnerable to manipulation.
Conflicting Reports & Gaps
Sources differ on user counts (250 k–600 k) and trading volume ($1.5 billion–>$4 billion). No disclosed revenue or profit data leaves sustainability unclear. Future asset additions are mentioned but not detailed.
Verbatim Quotes
- “We’re not doing Fomo because it’s a crypto business,” — Julia Andre, Partner, Index Ventures
- “Someone should be able to onboard into Fomo, fund their account, and buy a token within like 30 seconds, regardless of if they’re familiar with crypto or not,” — Paul Erlanger, Co-Founder, Fomo
- “We do everything we can to remain compliant,” — Se Yong Park, Co-Founder, Fomo
- “ Paul Erlanger, Co-Founder and CEO of fomo “Financial markets are going through a major infrastructure transition, but what stood out to us about fomo was the team behind it.” — Julia Andre, Partner, Index Ventures
What’s Next
Fomo will deploy the Series B capital to expand its asset lineup, scale engineering and acquire on-chain platforms. User retention and regulatory developments over the next 12-18 months will determine whether its social feed becomes a lasting habit or a fleeting bull-market effect.
