Fomo raises $75 million Series B at $550 million valuation
VC & Fundraising ·
Index Ventures led the round in the crypto trading app, with Union Square Ventures also participating, according to multiple reports.
Fomo, a crypto trading app, has raised $75 million in a Series B funding round that values the company at $550 million, The Block reported, citing a Fortune account of the deal. Index Ventures led the round, and Union Square Ventures also took part, according to Fortune's reporting.
The app is described in the cluster's coverage as cross-chain, and one account notes it was founded by former dYdX engineers, per wublockchain.xyz. Corroborating summaries in the same cluster indicate the round adds multichain spot and perpetual trading features to the product, though the exact scope and timing of that rollout are not detailed in the material available.
The $550 million valuation and $75 million raise figures are consistent across the reports in this cluster, with six distinct sources covering the deal. The lead role of Index Ventures is repeated throughout, while the participation of Union Square Ventures is specifically confirmed in the Fortune account.
Details beyond the headline figures remain limited. The material does not specify how the new capital will be deployed, Fomo's prior funding history, or the company's user or trading volume figures. It is also not stated whether the round has formally closed or when the multichain spot and perpetual features referenced elsewhere in the cluster are expected to launch.
What remains to be seen is whether Fomo discloses further terms of the Series B, including any additional investors beyond Index Ventures and Union Square Ventures, and how the funding will be applied to its trading platform. The company's own channels, including its referral page, have not yet detailed the raise beyond what has circulated in press coverage.