Bluesky reveals $100M Series B funding following CEO change
Bluesky, the social networking platform, has announced significant developments, revealing that it has successfully secured $100 million in Series B funding. This funding round, led by Bain Capital Crypto, was finalized in April 2025 but had remained undisclosed until now.
Participation in this funding round also came from existing investors like Alumni Ventures and True Ventures, along with new contributors such as Anthos Capital, Bloomberg Beta, and the Knight Foundation. This new investment follows Bluesky’s earlier fundraising efforts, which included a $15 million Series A round directed by Blockchain Capital in 2024, and a seed round of $8 million from Neo and various angel investors the previous year. The social network has not revealed its current valuation.
The announcement of this funding follows a recent transition in leadership, as Bluesky’s CEO Jay Graber is stepping down to assume the role of chief innovation officer. This change signals Graber’s intention to refocus on development while indicating the necessity for a new CEO who can advance Bluesky’s path to commercial success.
Since its Series A funding, Bluesky has experienced rapid user growth, climbing from 13 million to over 43 million users globally. The suite of applications operating on the AT Protocol (ATProto) has also expanded significantly, featuring startups like the video platform Skylight and the Instagram alternative Flashes, as well as established companies such as Flipboard, which is currently working on an open social application named Surf. Moreover, new online communities like Blacksky have emerged to support Black social media users.
However, the involvement of a crypto-focused venture capital firm could raise concerns among some users, mainly since Bluesky has yet to integrate any cryptocurrency features into its platform. The social network itself is not based on blockchain technology; nevertheless, Graber’s previous experience with the cryptocurrency Zcash has influenced its decentralized framework, attracting interest from stakeholders in the crypto sector.
Graber previously articulated the distinction between their vision and the common notion associated with Web3 and cryptocurrencies, highlighting that Bluesky aims to progress social media from the centralized models of Web 2.0 to a more open and distributed system.
The newly acquired funds are being utilized to enhance Bluesky’s team and further develop its app and the ATProto technology that supports it. This technology is instrumental in fostering a broader open social ecosystem dubbed the Atmosphere, which currently encompasses approximately 20 billion public records, including posts, likes, comments, and other interactions.
Additionally, the number of developers engaging with ATProto is on the rise, with over 400,000 downloads of the developer tools (SDK) recorded each month. Bluesky reports that more than a thousand applications built on ATProto are active every week.