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Social networking sites Bluesky is planning a big change with today’s news that the company has raised $100 million in Series B funding. The round, led by Bain Capital Crypto, was closed in April 2025 but has not been disclosed until now.
Other participants in the round include former Alumni Ventures and True Ventures, as well as Anthos Capital, Bloomberg Beta, and the Knight Foundation. This cycle follows Bluesky’s $15 million Series Aled by Blockchain Capital and closed in 2024, is its own $8 million seed round from Neo and other angel investors last year. Bluesky did not disclose its revised valuation.
Money matters have been wisely shared in the following week Bluesky CEO Jay Graber announced his retirement from a director role and transitioned to Chief Innovation Officer. The move reflected Graber’s desire to get back into building and the company’s need to hire a senior executive who can drive Bluesky forward in business.
Since Series A, Bluesky has seen rapid growth from 13 million to, now, more than 43 million users worldwide. His software ecosystem The features that work on the AT Protocol (also known as ATProto) and communicate with each other have also grown, from the beginning as video app Skylight or Alternatives to Instagram for big companies like Flipboard, which has been developing open source software, Swimming. New villages it’s out again, like Blackskywhich supports Black social media users.
The addition of another crypto-oriented VC company may give some Bluesky users pause, however, especially since, until now, the company has not included cryptocurrencies in its offerings. Bluesky isn’t built on blockchain technology, either. However, the former CEO Graber already worked with the cryptocurrency Zcash helped to inspire the culture of the social network decentralized structure, which has asked for money in the crypto space.
Like Graber once he told Wired in an interview, “the word Web3 has been closely associated with cryptocurrency, so it’s not a good word to use for what we’re doing.” and what we are doing. We’re turning a social network that sits in the middle of a company into something open and distributed,” he said last spring.
The additional funds have been used to expand the Bluesky team, as the company continues to develop Bluesky software and startups. ATPProto which gives strength. This technology is now working different programs in a large open space known as Atmosphere – a network with about 20 billion records, including posts, likes, comments, and other activities, the company said on Thursday.
Additionally, the number of people building on ATProto is growing, as evidenced by the more than 400,000 downloads of the software development kit (SDK) seen every month. In addition, Bluesky says people use more than a thousand apps created on ATPto every week.
