Bluesky Secures $100M Series B Funding Following CEO Change

Social Network Bluesky Raises $100 Million in Series B Funding

Social network Bluesky is embarking on a significant transformation following the recent announcement that the company has secured $100 million in Series B funding. The funding round, which was led by Bain Capital Crypto and finalized in April 2025, had been kept under wraps until now.

Joining Bain Capital Crypto in the funding round are existing investors Alumni Ventures and True Ventures, as well as Anthos Capital, Bloomberg Beta, and Knight Foundation. This latest funding round comes on the heels of Bluesky’s $15 million Series A round in 2024, led by Blockchain Capital, and an $8 million seed round from Neo and other angel investors the year prior.

Leadership Changes and Strategic Growth

The funding news coincides with Bluesky CEO Jay Graber stepping down from her position to take on the role of chief innovation officer. This move signals Graber’s intention to focus on innovation and the company’s need for a new CEO to drive Bluesky towards commercial success.

Since the Series A funding, Bluesky has experienced rapid user growth, expanding from 13 million to over 43 million global users. The ecosystem of apps built on the AT Protocol (ATProto) has also grown, with startups like Skylight and Flashes, as well as larger companies like Flipboard entering the scene. New communities such as Blacksky have emerged to support Black social media users.

Embracing Decentralization

Despite the addition of a crypto-oriented VC firm, Bluesky has not yet integrated cryptocurrencies into its platform and does not operate on blockchain technology. However, former CEO Graber’s experience with the cryptocurrency Zcash has influenced Bluesky’s decentralized design, attracting investors in the crypto space.

Graber envisions Bluesky as evolving the social Web 2.0 into a more open and distributed platform, distinct from the cryptocurrency-focused Web3. The additional funding has enabled Bluesky to expand its team and further develop its app and ATProto technology, which now powers a growing number of apps within the Atmosphere network.

Driving Developer Engagement

The ATProto platform has seen a surge in developer interest, with over 400,000 monthly downloads of developer tools (SDK) and over a thousand apps built on ATProto being used weekly. Bluesky continues to scale its team and enhance its technology to support the expanding open social ecosystem.