Bluesky Announces $100 Million Series B Following Leadership Change

Social media platform Bluesky has raised $100 million in a Series B funding round. Bain Capital Crypto led the round, which closed in April 2025 but was disclosed recently.

Other participants include Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and Knight Foundation. Previously, the company raised $15 million in a Series A round in 2024, led by Blockchain Capital. Before that, it secured $8 million in seed funding from Neo and angel investors. However, the company has not disclosed its latest valuation.

CEO Transition Signals Strategic Shift

The funding announcement comes shortly after CEO Jay Graber stepped down from her role. She has now moved into the position of chief innovation officer.

This transition suggests a shift in leadership focus. On one hand, Graber plans to return to product development. On the other hand, the company may look for a new executive to drive commercial growth.

User Growth and Ecosystem Expansion

Since its Series A, Bluesky has expanded its user base from 13 million to over 43 million globally. At the same time, its ecosystem has grown steadily.

Several apps now operate on the AT Protocol (ATProto), which allows interoperability across platforms. These include apps like Skylight and Flashes, along with larger platforms such as Flipboard, which is developing its open social app, Surf.

In addition, community-driven platforms like Blacksky have emerged. These platforms aim to support specific user groups within the broader network.

Investor Interest Despite Limited Crypto Integration

The participation of crypto-focused investors may raise questions among users. Currently, Bluesky does not integrate cryptocurrencies into its platform. Moreover, it does not rely on blockchain technology.

However, Graber’s earlier work on Zcash influenced the platform’s decentralized structure. This design has continued to attract interest from crypto investors.

As Graber once told Wired in an interview, “the term Web3 got very associated with cryptocurrency, so it’s not a good word to use for what we’re doing. But if you think about Web3 as evolving the social Web 2.0, that kind of is what we’re doing. We’re evolving social media that was based in centralized companies into something that is open and distributed,” she said last spring.

Product Development and Developer Adoption

The newly raised capital has supported team expansion and ongoing product development. The company continues to build both its main app and the underlying AT Protocol.

This infrastructure powers a broader ecosystem known as the Atmosphere. According to the company, the network includes around 20 billion public records, such as posts, likes, and comments.

Meanwhile, developer activity on ATProto is increasing. The company reports over 400,000 monthly downloads of its developer tools. In addition, users engage with more than 1,000 apps built on the protocol each week.