Bluesky Secures $100M Series B Funding Amid CEO Transition

Social media platform Bluesky has secured $100 million in Series B funding. The investment round, which was finalized in April 2025 but remained undisclosed until now, was led by Bain Capital Crypto.

The capital injection follows a period of significant expansion for the network, which has grown its global user base from 13 million to over 43 million. While the company did not reveal its current valuation, the funding marks a major milestone following a $15 million Series A in 2024 and an $8 million seed round the previous year.

Strategic Growth and Leadership Changes

This financial backing arrives shortly after Jay Graber announced her transition from CEO to chief innovation officer. The leadership shift is intended to allow Graber to focus on product development while the company seeks a new executive capable of steering its commercial strategy.

The fresh funding is earmarked for scaling the team and further developing the ATProto (AT Protocol). This technology serves as the foundation for the “Atmosphere,” an open social ecosystem that now encompasses approximately 20 billion public records, including posts, interactions, and comments.

Expansion of the AT Protocol Ecosystem

The adoption of the AT Protocol continues to gain momentum among developers and third-party creators. Key indicators of this growth include:

• Over 400,000 monthly downloads of developer tools (SDKs).
• More than 1,000 unique apps built on ATProto utilized by users every week.
• Integration by various platforms, including a range of apps like Flipboard’s Surf, the video app Skylight, and community-focused projects such as Blacksky.

Investor Relations and Decentralized Design

The participation of a crypto-focused venture firm has drawn attention, given that Bluesky does not currently integrate cryptocurrency or blockchain technology into its platform. However, the network’s decentralized architecture—partially inspired by Graber’s previous work with Zcash—remains a core draw for investors interested in the evolution of social media.

Regarding the platform’s vision, Graber previously noted the distinction between their work and standard Web3 concepts. As she told Wired, the goal is to shift social media away from centralized corporate control toward a more distributed and open framework, effectively evolving the social Web 2.0.

Other participants in the Series B round included Anthos Capital, Bloomberg Beta, the Knight Foundation, as well as existing investors Alumni Ventures and True Ventures.