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Why Benchmark made a rare crypto bet on trading app Fomo, with $17M Series A
Fomo, a crypto trading app co-founded by Paul Erlanger and Se Yong Park, successfully raised $17 million in a Series A led by Benchmark. Launched in May, the app has quickly attracted over 120,000 users, offering a user-friendly platform for trading numerous crypto assets. The founders utilized a unique approach, targeting 200 potential angel investors, which helped solidify critical backing from leading figures in the crypto space.
Key points
- Fomo launched in May, with an innovative approach to fundraising, targeting 200 dream angel investors.
- Secured $17 million Series A funding led by Benchmark, highlighting their significant growth potential.
- Over 140 of the 200 potential angel investors participated, including notable figures from the crypto industry.
- The app features wide asset access, a social component for users to follow trades, and added Apple Pay support.
- Revenue surged to about $150,000 weekly and daily trading volume reached $3-40 million quickly after launch.
Why it matters
- The rise of crypto trading platforms aligns with the increasing popularity of decentralized finance (DeFi) and digital currencies.
- Benchmark's investment signals a growing acceptance of crypto sectors by traditional venture capital.
- The app's unique model reflects the ongoing trend in 2025 towards user-friendly financial technology, catering to non-technical users.
Fomo's rapid success demonstrates the potential of innovative fundraising and user-centric app design in the evolving crypto landscape, suggesting it could shape the future of trading platforms.