Social network Bluesky is gearing up for big changes with today’s news that the company raised $100 million in Series B funding. The round, led by Bain Capital Crypto, was closed in April 2025 but was not disclosed until now.
Others who participated in the round included existing investors Alumni Ventures and True Ventures, as well as Anthos Capital, Bloomberg Beta and the Knight Foundation. The round follows Bluesky’s $15 million Series A, which was led by Blockchain Capital and closed in 2024, and its $8 million seed round from Neo and other angel investors a year ago. Bluesky did not disclose its latest price.
News of the funding was shared with Strategy a week after Bluesky CEO Jay Graber announced that she was stepping down from the lead role and transitioning to become chief innovation officer. The move signaled both Graber’s desire to return to the building and the company’s need to hire a chief executive who could lead Blusky to commercial success.
Since its Series A, Bluesky has seen rapid growth from 13 million to, now, more than 43 million global users. His Ecosystem of apps Those that operate on the AT protocol (also known as AT Proto) and interoperability have also grown, from startups like the video app Skylight or Instagram alternative Flashes to giants like Flipboard, which is building an open social app called Surf. New communities have also emerged, e.g Blackskywhich supports black social media users.
The addition of another crypto-oriented VC firm may give pause to some Bluesky users, however, notably, until now, the company has not integrated cryptocurrencies into its offering. Bluesky is also not built on blockchain technology. Still, former CEO Graber’s earlier work with cryptocurrency Zcash helped inspire the social network’s decentralized design, which has appealed to investors in the crypto space.
Once as Graber told Wired In an interview, he said, “The term Web3 is very much associated with cryptocurrency, so it’s not a good word to use for what we’re doing. But if you think of Web3 as Social Web 2.0 evolving, that kind of is what are we doing We’re developing social media that was based in centralized companies that are open and distributed,” he said last spring.
The additional funds have been used to scale Blusky’s team, while the company continues to develop Blusky’s app. AT Proto That gives it power. This technology now has power. A range of apps In the massive open social ecosystem called Atmosphere — a network that includes about 20 billion public records including posts, likes, comments and other interactions, the company said Thursday.
In addition, the number of developers building on ATProto is growing, as evidenced by the more than 400,000 downloads of the developer tools (SDK) seen each month. In addition, Bluesky says people use 1,000 apps built on AT Proto every week.