Decentralized social network Bluesky has announced a $100 million Series B funding round, marking a significant milestone in its growth journey as it transitions into a new leadership phase. The round was led by Bain Capital Crypto, with participation from investors including Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and the Knight Foundation.
Although the funding round was completed in April 2025, it has been disclosed only now, shortly after a major leadership change within the company. Former CEO Jay Graber has stepped down from her role and transitioned to Chief Innovation Officer, focusing on product development and long-term technological vision.
Following her transition, Toni Schneider, former CEO of Automattic and a long-time advisor and investor in Bluesky, has taken over as interim CEO while the company searches for a permanent leader. The leadership shift reflects Bluesky’s need to move from a product-building phase to a more execution- and scale-focused business strategy.
The fresh capital is expected to support platform development, team expansion, and further advancement of the AT Protocol—the decentralized framework that underpins Bluesky’s ecosystem. The platform has emerged as a notable alternative to traditional social media networks, emphasizing user control, interoperability, and open infrastructure.
Bluesky has experienced rapid growth, with its user base crossing 40 million globally, driven in part by increasing demand for decentralized and user-owned social platforms. The funding positions the company to compete more aggressively in the evolving social media landscape while continuing to build its open-network vision.
Overall, the timing of the funding announcement alongside the CEO transition signals a new phase for Bluesky—shifting from experimentation and early growth toward scaling operations, monetization, and long-term market positioning in the competitive social media ecosystem.
