Bluesky, a social network, has announced a $100 million Series B funding round led by Bain Capital Crypto, closed in April 2025. Additional participants include Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and Knight Foundation. Previously, Bluesky raised $15 million in a Series A round in 2024 and an $8 million seed round in 2023.
This news follows CEO Jay Graber’s transition to Chief Innovation Officer, as Bluesky seeks a new CEO for further commercial success. Since its Series A, Bluesky’s user base has grown from 13 million to over 43 million. Its ecosystem of apps operating on the AT protocol has also expanded, with startups like Skylight and Flashes and larger companies like Flipboard joining in.
Despite the funding from a crypto-focused firm, Bluesky has yet to incorporate cryptocurrencies or blockchain technology into its offerings. Former CEO Graber’s work with Zcash, a cryptocurrency, influenced Bluesky’s decentralized design, attracting interest from crypto investors.
Graber stated in Wired that while Web3 is linked to cryptocurrency, Bluesky aims to evolve the social Web 2.0 into a more open and distributed model. The new funding will aid in expanding Bluesky’s team, app development, and the atproto technology powering it.
Bluesky’s technology now supports a vast open social ecosystem called the Atmosphere, containing roughly 20 billion public records. Developer interest in atproto is rising, with over 400,000 monthly SDK downloads and use of 1,000+ apps weekly.