Social trading app Fomo closed a $75 million Series B at a $550 million valuation on June 22, giving the year-old startup fresh backing from three generalist technology investors as it expands into perpetual futures.
Index Ventures led the round. Union Square Ventures and Benchmark, which led Fomo's $17 million Series A in November 2025, also participated. Angel investors include Zynga co-founder Mark Pincus, Eventbrite co-founder Kevin Hartz, and Discord CEO Humam Sakhnini. The raise brings total disclosed funding to roughly $94 million.
Fomo turns trading into a feed
Fomo was founded in 2025 by former dYdX executives Paul Erlanger, Se Yong Park, and Prashan Dharmasena. The platform lets users discover and trade tokens through a social feed without managing wallets, gas, or bridges. Users can sign up with email or Apple ID.
As of the announcement, Fomo had 625,000 users, $4 billion in trading volume, and 110 million social interactions. It was adding about 3,500 accounts per day.
Hyperliquid perps are the next layer
On June 11, Fomo extended its product to perpetual futures for non-US users, routing execution through Hyperliquid's on-chain order book.
The round puts outside venture capital behind an application layer built on Hyperliquid liquidity, rather than behind the HYPE token itself. Fomo's 17-person headcount against a $550 million valuation points to a bet on distribution through the platform, not current revenue.
"We're doing Fomo because we think there is a market shift there," Index Ventures partner Julia Andre told Fortune.
Hyperliquid, the infrastructure Fomo uses for perpetuals routing, is separately projected to fund $135-160 million in annual HYPE buybacks through its on-chain fee and USDC yield structure, according to CryptoBriefing.