Bluesky Raises $100 Million in Series B Funding
Bluesky, the fast-growing social network, has successfully secured $100 million in a Series B funding round, as reported here. This round of funding, which was completed in April 2025, marks a significant milestone for the company. It was led by Bain Capital Crypto, with participation from Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and Knight Foundation. The announcement comes in the wake of CEO Jay Graber revealing plans to step down from her role and transition into the position of chief innovation officer.
Bluesky’s Evolution and Growth
Founded in 2023, Bluesky has experienced a rapid increase in user base, from 13 million global users during its Series A funding to over 43 million users currently. The company has established an expansive ecosystem of applications that operate on the AT Protocol (ATProto), enhancing interoperability. This includes startups such as the video app Skylight and Instagram alternative Flashes, as well as larger entities like Flipboard, which is in the process of developing an open social app, Surf.
In addition to its existing ecosystem, new communities have emerged, like Blacksky, aimed at supporting Black social media users. This diversity and inclusivity have been instrumental in propelling Bluesky’s growth and popularity.
Bluesky and Cryptocurrency
Despite the significant investment from a crypto-oriented VC firm, Bluesky has not yet incorporated cryptocurrencies into its platform. However, the company’s decentralized design, inspired by ex-CEO Graber’s work with cryptocurrency Zcash, has garnered the attention of investors in the crypto space.
As Graber shared in an interview with Wired, the company’s mission is to evolve the social web from a centralized model to a more distributed one. This approach resonates with the principles of Web3, even though Bluesky is not built on blockchain technology.
Investment Fuels Expansion and Development
The recent funding has been allocated to expand Bluesky’s team and further develop their app and the underlying ATProto technology. This technology now powers an array of apps in the larger open social ecosystem, Atmosphere, which contains approximately 20 billion public records, including posts, likes, comments, and other interactions.
Bluesky’s innovative technology and robust ecosystem continue to attract developers, as evidenced by the over 400,000 downloads of developer tools (SDK) recorded every month. Furthermore, more than a thousand apps built on ATProto are used weekly, a testament to the platform’s growing influence.
With this new round of funding and strategic leadership changes, Bluesky is fully equipped to continue its mission to revolutionize the social network landscape.
