In a bold move within the current crypto landscape, two prominent investors have expressed interest in a burgeoning startup named Fomo, which encapsulates the essence of “fear of missing out.” This announcement, made on Monday, reveals that Index Ventures, a well-established player known for its investments in non-crypto companies, has led a significant $75 million Series B funding round for Fomo, valuing the company at an impressive $550 million. Noteworthy participants in this funding round include Union Square Ventures, Zynga cofounder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite cofounder Kevin Hartz.
In an environment where many venture firms are hesitant to invest outside their core areas, Index Ventures has shown its adaptability by recognizing opportunities within the blockchain sector. Though the firm has predominantly focused on tech startups such as Figma and Scale AI, previous investments, including backing the stablecoin startup Bridge—which was acquired by Stripe for $1.1 billion—reflect its willingness to engage in the crypto realm. Similarly, Union Square Ventures has a track record of investing in blockchain technologies, including ventures into Polygon and Matter Labs.
Julia Andre, a partner at Index Ventures, emphasized that their decision to back Fomo stems from a strategic observation rather than a pure technology focus. “We’re not doing Fomo because it’s a crypto business,” she stated. “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.”
Fomo’s cofounders, Paul Erlanger, Se Yong Park, and Prashan Dharmasena, have firsthand experience in the complications of trading digital assets, having previously worked at the crypto trading platform dYdX. Their experiences revealed a plethora of challenges—from an overwhelming number of cryptocurrencies to cumbersome onboarding processes—which led them to envision a user-friendly platform. Launched in 2025, Fomo is designed to allow users to onboard, fund their accounts, and purchase tokens within seconds, irrespective of their prior familiarity with cryptocurrencies.
Aiming to redefine the notion of Fomo, the cofounders specified that the startup’s name reflects a fearless approach to investment rather than the anxiety commonly associated with missing out. “The goal on Fomo is that you never miss out again,” Erlanger explained. The platform features a leaderboard displaying top traders, interactive feeds showcasing recent trades, and social media integration to share trading achievements, all designed to foster a dynamic trading community.
Fomo’s ambition transcends beyond mere cryptocurrency trading. The cofounders envision it as a comprehensive financial gateway that incorporates a variety of assets including stocks and derivatives on the blockchain. With recent listings of perpetual futures contracts—a type of contract without an expiration date—the platform seeks to broaden its appeal beyond traditional crypto confines. “The goal is for it not to be seen as a crypto app,” Erlanger reaffirmed.
This strategic positioning aligns with the aspirations of major financial players, such as Coinbase and Robinhood, yet Fomo’s approach may offer a differentiating edge. The platform operates in a non-custodial manner, meaning it does not handle users’ funds directly, which may help it navigate regulatory complexities more fluidly. Co-founder Park noted that Fomo boasts a broader asset listing than Coinbase, operates globally, and is successfully onboarding approximately 3,500 new users each day.
With the fresh capital injection, Fomo intends to expand its workforce and potentially pursue acquisitions to bolster its operations. Despite currently maintaining a lean team of just 17 employees, the cofounders are determined to establish Fomo as the leading trading app in the world. Erlanger exuded confidence with the declaration, “The goal is to be the largest trading app in the world.”
The latest developments in venture funding have also seen several other startups making notable strides, including Gradial, Verse, and Trace Finance, which raised significant capital across various funding rounds, indicating a continuing trend of investment in innovative technology solutions.
