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Quick take:
The fundraising brings the total raised to $19 million, following a $2 million pre-seed round announced in February.
The company said the funding will be used to accelerate its mission of building a trading App for everyone else.
The company completed a six-month beta period, during which it claims to have processed nearly $700 million in volume, onboarded more than 120K users, and over 35K traders.
Fomo, a cross-chain trading app, has completed a $17 million Series A round led by Benchmark. The fundraising also attracted participation from Archetype and Coinbase Ventures, alongside angel investors from Boolean AI, 20VC, and Suno, among others. Pudgy Penguins CEO Luca Netz and MoonPay CEO Ivan Soto-Wright also joined as Angel investors.
The funding brings the total raised to $19 million, Fomo wrote in a blog post, highlighting its $2 million angel pre-seed announced in February.
The company plans to use the fresh capital to accelerate its mission of building a trading app for “the rest of us”. The app is built on the promise of creating the best user experience for crypto traders.
“While crypto infrastructure has consistently improved, user experience has remained an afterthought. This has led to fragmentation—incompatible chains, wallets, liquidity, and users scattered across ecosystems,” the team wrote. “For the first time in this industry’s history, the technology exists to make meaningful leaps in user experience built natively on decentralized rails.”
Fomo said that during a six-month beta period, the app processed nearly $700 million in volume, onboarded more than 120K users, and over 35K traders. It also claims to have facilitated $5M in onramp volume across nearly 15K net-new crypto users.
The company believes that with its technology, it is creating a new social layer in finance, adding that the current version consists of a cross-chain experience powered by a small, but growing social network.
“As this social graph grows, so will our suite of products. More asset classes, more ways to speculate, and more form factors,” the Fomo team wrote.
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