Bluesky, the social networking platform, has announced a significant $100 million Series B funding round, which was led by Bain Capital Crypto. This funding, finalized in April 2025, marks a pivotal moment for the company as it transitions under new leadership.
Alongside Bain Capital, other contributors to this funding round include Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and the Knight Foundation. This latest round follows Bluesky's previous fundraising efforts, including a $15 million Series A in 2024 and an $8 million seed round in 2023.
Leadership Transition: This announcement comes shortly after the company's CEO, Jay Graber, stepped down from her position. Graber will now serve as the chief innovation officer, focusing on product development while the company seeks a new CEO to lead its commercial strategy.
Bluesky has experienced rapid user growth, increasing its global user base from 13 million to over 43 million since its Series A funding. The platform's ecosystem has also expanded, integrating various applications that utilize the AT Protocol, which supports interoperability among different services.
Growing Ecosystem: Notable applications within the Bluesky ecosystem include the video app Skylight and the Instagram alternative Flashes, along with larger platforms like Flipboard, which is developing an open social app called Surf. Additionally, new communities, such as Blacksky, have emerged to support specific user groups.
Despite the involvement of a crypto-focused venture capital firm, Bluesky has yet to incorporate cryptocurrency into its operations. The platform is not built on blockchain technology, though its decentralized design has drawn interest from the crypto community.
The funds raised will be directed towards expanding Bluesky's team and enhancing the development of its app and the ATProto technology, which now supports a vast array of applications within the open social ecosystem known as Atmosphere. This network reportedly contains around 20 billion public records, including user interactions.
Developer Engagement: The interest in Bluesky's technology is reflected in the growing number of developers utilizing the ATProto, with over 400,000 downloads of developer tools each month and more than a thousand applications built on the protocol being actively used weekly.
