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Bluesky has raised $100 million in Series B funding, giving the social network fresh capital as it enters a new stretch of growth and leadership change. The round was led by Bain Capital Crypto and closed in April 2025, though the company only disclosed it now.
Good to Know
The timing of the funding news stands out because it comes one week after Jay Graber said she would step down as chief executive. Graber is shifting into the role of chief innovation officer, a change that pointed to her interest in getting back to product work while Bluesky searches for a leader focused on commercial growth.
Other investors in the Series B round include Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and Knight Foundation. Bluesky did not disclose its updated valuation.
The latest round follows a $15 million Series A led by Blockchain Capital in 2024 and an $8 million seed round in 2023 backed by Neo and other angel investors.
Since the Series A, Bluesky said its global user base has climbed from 13 million to more than 43 million. At the same time, the wider ecosystem around the AT Protocol has grown as more apps and communities have started building on top of it.
That includes startups such as video app Skylight and Instagram alternative Flashes, along with larger companies such as Flipboard, which has been building its open social app Surf. Other communities have also taken shape around the network, including Blacksky, which supports Black social media users.
One part of the announcement may draw extra attention from users. Bain Capital Crypto joined the new round even though Bluesky has not added crypto products to its service and is not built on blockchain. Even so, crypto investors have shown interest in the company because Graber earlier worked with Zcash, and that background helped shape the decentralized design behind Bluesky.