A trading app called Fomo just raised $75 million at a $550 million valuation, and the investor list reads like a who’s-who of people who normally wouldn’t touch a memecoin with a ten-foot pole.

Index Ventures led the Series B round, with Union Square Ventures also participating. The angel investor roster includes Zynga co-founder Mark Pincus, Discord CEO Humam Sakhnini, and Eventbrite co-founder Kevin Hartz.

From $19M to $75M in months

Fomo launched its app in May 2025, then raised a $17 million Series A led by Benchmark in November 2025. Total funding before this round sat at roughly $19 million, including a small pre-seed investment.

Fomo reports approximately 3,500 daily new users and claims rapid revenue and trading volume growth.

The founding team comes from dYdX, the decentralized perpetuals exchange. Paul Erlanger, Se Yong Park, and Prashan Dharmasena collectively bring experience from one of the few crypto platforms that achieved meaningful trading volume.

What Fomo actually does

The platform offers multichain, gasless trading across different blockchains without paying transaction fees. Fomo has built in leaderboards, trade feeds, copy trading, and social sharing features. The one-click onboarding includes Apple Pay integration.

The platform positions itself as non-custodial and compliant. Non-custodial means users maintain control of their own assets rather than handing them to the platform.

Fomo also claims to offer a greater variety of tradable assets than traditional exchanges like Coinbase.

Why traditional VCs are showing up now

Index Ventures has backed companies like Figma, Roblox, and Revolut. Union Square Ventures has crypto experience through its early Coinbase bet. This fundraise was announced on June 22, 2026, in what researchers describe as a relatively flat digital asset market.

The founders have expressed ambitions beyond crypto, envisioning an eventual expansion into the broader financial space.

What this means for investors

Fomo is competing not just with centralized exchanges like Coinbase and Binance, but also with a growing roster of mobile-first trading apps and Telegram-based bots that captured significant memecoin trading volume over the past year.

Centralized exchanges carry counterparty risk. Telegram bots often require users to hand over private keys.

Plans to expand the engineering team and potentially acquire other firms indicate the company intends to deploy this capital aggressively.