News Summary

Benchmark, a top-tier venture capital firm known for its selective investment approach, made a rare venture into the consumer crypto sector by leading a $17 million Series A funding round for Fomo, a crypto trading app. Launched in May by co-founders Paul Erlanger and Se Yong Park, Fomo has rapidly gained traction, achieving $40 million in daily trading volume and onboarding 120,000 users within six months. The app offers a super app experience for trading a wide array of crypto assets across multiple blockchains, with a unique social component that allows users to follow friends and industry leaders. Fomo’s growth was significantly bolstered by adding Apple Pay support, which facilitated user acquisition and increased revenue. Benchmark’s investment reflects confidence in Fomo’s potential to simplify crypto asset discovery and trading, with the firm’s Chetan Puttagunta taking a board seat to support Fomo’s ambitious vision.