Bluesky raised a $100M Series B led by Bain Capital Crypto in April 2025, following a $15M Series A in 2024 and an $8M seed in 2023; it now has over 43M users
Social network Bluesky is gearing up for big changes with today's news that the company raised $100 million in Series B funding.
The investment also follows reporting that Bluesky was finalizing a round at an approximately $700M valuation, giving the latest financing a clearer place in the company’s progression from early product monetization to larger-scale network building.
First-order effects
Bluesky gains $100M in new capital, while Bain Capital Crypto becomes the lead investor in its Series B.
The company has more financial capacity to support a service now reporting over 43M users; its prior funding history shows that paid features have been part of its plan.
Second-order effects
A substantially larger round raises the bar for Bluesky to convert user growth into durable revenue, particularly as its earlier plans included subscriptions and paid custom-domain services.
The funding gives Bluesky a stronger position when competing for users, creators and developer attention with other social platforms, though the article does not specify how the capital will be deployed.
Third-order effects
If Bluesky can sustain growth and add viable paid services, the round would reinforce that independent social networks can progress from migration-driven adoption to venture-backed operating businesses.
Its trajectory may test whether decentralized or federation-oriented social services can finance scale without relying solely on the advertising model used by larger platforms.
The trend: Bluesky is one example of social networks seeking larger growth-stage financing after proving user demand, while facing the harder task of monetizing that audience.
today, Bluesky revealed that in April 2025 they received $100M in a venture capital investment lead by Bain Capital Crypto. — did we know of this at the time or has it been kept a secret? does it matter?
Feels good to have two feet in the fediverse :) — Bottom line: Bluesky is not structurally a decentralized, user-driven project—it's a VC-funded startup developing an open protocol. Given all these crypto investments, it's really unclear who ultimately sets the agenda. — tec…
Just as my papers about how BlueSky is a less toxic alternative to Twitter struggle through the publishing system and are about to finally come out, BlueSky does this — techcrunch.com/2026/03/19/b...
This really puts Jay's resignation into context that wasnt earnestly shared initially. Not too surprising from this team. — Hard to read this and not connect the dots that her stepping down was a stipulation for investors. — The commercialization of Bluesky is imminent. — …
So Bluesky raised 100 million USD in April last year from a bunch of crypto scammers and just “forgot” to tell people? — And they released it after getting a new CEO who will push for growth (and probably monetization)? — Sounds super healthy and normal.
Last April, we raised $100M in Series B funding. This round gives us the ability to scale our team to meet the rapid growth of Bluesky and the AT Protocol. Read more: bsky.social/about/blog/0...
BlueSky wants you to trust them, but they raised $100 million from a crypto fund almost a YEAR AGO and didn't tell anyone. — https://techcrunch.com/...
Can you imagine Mastodon raising 100 MILLION dollars from a crypto VC fund and failing to disclose it... for a full year? No I can't either. — And from their actual press release: “The Atmosphere currently contains about 20 billion public records—the posts, likes, comments and…