Fomo's Unconventional Funding Strategy Pays Off with $17M Series A Led by Benchmark

Fomo, a consumer crypto trading app co-founded by Paul Erlanger and Se Yong Park, recently closed a $17 million Series A round led by Benchmark, bringing their total funding to $19 million. Instead of the typical seed round, the founders pursued a unique approach by targeting 200 potential angel investors, including big names in the crypto world such as Marc Boiron, Raj Gokal, and Balaji Srinivasan.

Fomo's app aims to provide users with access to millions of crypto assets available on any blockchain, with a social component allowing users to follow friends and respected leaders to see their trades. The app's support for Apple Pay led to a significant increase in users and revenue, with Fomo now experiencing $20-$40 million in daily volume and $150,000 in daily revenue.