Decentralized social network Bluesky has disclosed it quietly raised $100 million in a Series B funding round back in April 2025, making the news public only now as the company undergoes a leadership change. The round was led by Bain Capital Crypto, with participation from a consortium of venture and institutional investors including Alumni Ventures, Anthos Capital, Bloomberg Beta, Knight Foundation, and True Ventures.
According to the announcement, Bluesky has been deploying the capital over the past year to expand its team and scale its infrastructure. The project stated, "This new funding gives us the foundation upon which to build the future of the open social web without compromising our mission and values." The funding disclosure coincides with a leadership transition announced earlier in March. Founder Jay Graber stepped down as CEO to become chief innovation officer, focusing on the long-term architecture of the AT Protocol. Toni Schneider, a partner at True Ventures, has taken on the role of interim chief executive while the company searches for a permanent replacement.
The platform has experienced significant growth since its $15 million Series A round in October 2024. Its global user base has surged from 13 million to over 43 million. In parallel, its broader "Atmosphere" ecosystem—comprising developers, apps, and users building on the AT Protocol—has expanded substantially. The team reported that more than 1,000 apps built on the AT Protocol are used each week, with monthly software development kit downloads exceeding 400,000. The network now hosts roughly 20 billion public records, including posts, likes, and other interactions.
Bluesky, initially incubated by Jack Dorsey in 2019 while he was CEO of Twitter, has operated independently since 2021. The platform's core technology is the AT Protocol, a decentralized standard for identity, social graphs, and content that enables interoperability between different applications. This design allows for account portability, letting users move between services without losing their identity, followers, or data.
