Index Ventures leads funding round for consumer crypto app Fomo, signaling continued VC interest in retail-focused blockchain platforms.
Fomo, a social-first crypto trading app, raised $75 million in a Series B round led by Index Ventures at a $550 million valuation. Union Square Ventures and existing backers, including Benchmark, also participated in the funding, which included angels like Zynga’s Mark Pincus and Discord’s CEO Humam Sakhnini.
The app, founded in 2025 by former dYdX employees, targets mainstream users with features like 30-second onboarding, non-custodial trading, and social tools such as leaderboards and copy trading. Fomo supports more assets than Coinbase across multiple chains without requiring users to manage wallets or gas fees.
The funding round reflects ongoing venture capital interest in consumer-facing crypto products despite broader market volatility, which saw BTC drop to $62.3k and crypto majors fall 3-7% amid a stock sell-off.