TL;DR:
Bluesky raised $100 million in a Series B funding round in April 2025, as revealed by the decentralized social network. The company chose to keep the round confidential for nearly a year and only made it public upon entering what it described as “a new era of leadership and sustained growth.”
The round was led by Bain Capital Crypto, with participation from Alumni Ventures, Anthos Capital, Bloomberg Beta, Knight Foundation, and True Ventures. According to the company, the capital was used to expand the team and scale the platform’s infrastructure over the past year.
Since the Series A, completed in October 2024, Bluesky grew from 13 million to over 43 million users globally. The “Atmosphere” ecosystem, which brings together developers, applications, and users building on the AT Protocol, also expanded in parallel. Over 1,000 applications built on that protocol are used weekly, monthly downloads of the software development kit exceed 400,000, and the network hosts approximately 20 billion public records, including posts, likes, and all kinds of interactions.
Bluesky’s decentralization model relies on the AT Protocol, which standardizes how identity, social graphs, and content are structured across applications. Unlike traditional platforms controlled by a single company, the protocol allows multiple services to interoperate within the same network. The company highlights account portability as one of its core pillars: users can migrate between services without losing their identity, followers, or data.
The disclosure of the funding coincides with a leadership change. Jay Graber, co-founder of Bluesky, stepped down as CEO to become chief innovation officer and will focus on the protocol’s long-term architecture. Toni Schneider, a partner at True Ventures, took over as interim CEO while the company searches for a permanent replacement.
In a blog post published on March 9, Graber described the change as a decision to go back to “building new things.” Bluesky was founded in 2019 as a project backed by Jack Dorsey when he was still CEO of Twitter, operated independently from 2021, and Twitter rescinded its services agreement with the platform in late 2022.
