Why Benchmark made a rare crypto bet on trading app Fomo, with $17M Series A
Paul Erlanger and Se Yong Park, co-founders of consumer crypto trading app Fomo, took an unusual route to raising capital that is paying off for them.
Their app launched in May and they just announced a $17 million Series A round led by Benchmark — an atypical crypto bet for the top-tier VC firm — bringing total funding to $19 million.
Instead of a classic seed round, the founders drew up a list of 200 people they dreamed of having as angel investors.
“We knew that every single person would be valuable to us in the business,” Erlanger told TechCrunch.
Then they worked their networks for warm intros — both had previously worked at the popular crypto trading platform dYdX. Failing that, they made cold calls. And…
