Fomo Said It Ran No Paid Ads as Creators Brought In Half…
By Boaz Sobrado
AI summary of the source article
Crypto trading app Fomo relied heavily on paid creator networks and user-generated content to drive user acquisition before launching paid ads in September. The company closed a $75 million Series B round in June at a reported $550 million valuation.
Key facts
- Fomo closed a $75 million Series B funding round led by Index Ventures in June at a reported $550 million valuation.
- A co-founder stated that UGC creators once brought in roughly 50% of Fomo's users, with monthly spending of $100,000 to $150,000 on creators and content managers.
- Agency TK Media reported driving more than 400,000 users to Fomo via direct creator links and paying out over $2 million to creators.
Source excerpt · FinanceFeeds
Fomo's chief executive said the app had run no paid ads; a co-founder says creators once brought in half its users, and the operators behind that machine explain how it works. Fomo, a crypto trading app, closed a $75 million Series B led by Index Ventures in June, a round Fortune reported valued the company at $550 million. By August 21 it had climbed into the top five US finance apps on Apple's A…