- Bluesky raised $100 million in Series B funding led by Bain Capital Crypto, closed in April 2025 but disclosed this week.
- Founder Jay Graber stepped down as CEO last week to become chief innovation officer, signaling a shift toward commercial leadership.
- The decentralized social network has grown from 13 million to over 43 million global users since its Series A.
- Bluesky’s AT Protocol now powers over 1,000 third-party apps, with 400,000 monthly SDK downloads.
$100 Million to Scale a Decentralized Social Network
Bluesky disclosed a $100 million Series B round led by Bain Capital Crypto, with participation from Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and Knight Foundation. The round was closed in April 2025 but kept under wraps until now. Bluesky did not disclose its updated valuation.
The timing is deliberate. The announcement comes one week after Jay Graber stepped down as CEO to transition into a chief innovation officer role, a move she framed as a return to building. Bluesky is now searching for a chief executive who can drive the company toward commercial viability. Previous rounds include a $15 million Series A led by Blockchain Capital in 2024 and an $8 million seed from Neo and angel investors.
43 Million Users and a Growing Protocol Ecosystem
Bluesky’s user base has more than tripled since its Series A, climbing from 13 million to over 43 million globally. The underlying AT Protocol now hosts roughly 20 billion public records across the broader “Atmosphere” ecosystem, including posts, likes, and interactions from apps like Skylight, Flashes, and Flipboard’s open social app Surf.
The addition of another crypto-focused VC raises eyebrows given that Bluesky runs on neither blockchain nor cryptocurrency. But Graber’s earlier work with Zcash inspired the network’s decentralized architecture, which appeals to investors in the space. Developer adoption continues to climb: over 400,000 monthly SDK downloads and more than 1,000 apps built on ATProto are used every week. The funds have gone toward scaling the team as the company prepares for its next chapter under new executive leadership.
