Index Ventures and Union Square Ventures have invested $75 million in the trading app Fomo, according to Fortune. The funding round values the cryptocurrency startup at $550 million and was announced on May 27, 2026.
What happened
Fomo, a cryptocurrency trading app, has received $75 million in Series B funding, led by Index Ventures, according to the company. Union Square Ventures, along with notable participants including Zygna cofounder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite cofounder Kevin Hartz, supported the round.
The funding comes as venture firms generally shy away from cryptocurrency investments in a declining market. “We’re not doing Fomo because it’s a crypto business,” said Julia Andre, a partner at Index Ventures. “We’re doing Fomo because we think there is a market shift there.”
“Onchain trading is just impossible,” Fomo cofounder Paul Erlanger stated, emphasizing the platform’s goal to simplify digital asset trading.
Why it matters
The interest from traditional venture capital firms signifies a potential shift in the investment landscape for cryptocurrency startups. With Fomo, the move could validate a new approach to digital trading, catering to both seasoned investors and novices alike.
The app aims to expand beyond cryptocurrencies, potentially including stocks and derivatives on its platform, which could attract a wider user base and enhance its competitive edge against established trade platforms.
Background
On June 14, 2025, Fomo’s cofounders, Paul Erlanger, Se Yong Park, and Prashan Dharmasena, launched the app to streamline digital trading experiences. They previously experienced challenges in trading at the platform dYdX, inspiring them to create a more user-friendly alternative.
Fomo raised $17 million in its Series A round, led by Benchmark in early 2025. The company’s strategy focuses on making trading accessible, emphasizing speed and simplicity, aiming for a daily onboarding rate of 3,500 new users.
What’s next
The company plans to use the new funding to hire additional engineers and may explore acquiring smaller firms to enhance its offerings by the end of 2026.
