Bluesky Secures $100M in Series B Led by Bain Capital Crypto

Decentralized social network Bluesky has revealed a major $100 million Series B funding round, led by Bain Capital Crypto and closed back in April 2025. The previously undisclosed raise—announced March 19, 2026—includes participation from Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and the Knight Foundation.

This injection of capital follows Bluesky’s $15 million Series A in October 2024 and comes amid a leadership transition: founder Jay Graber recently stepped aside as CEO to focus on innovation as Chief Innovation Officer.

The funding arrives at a pivotal moment. Since the round closed, Bluesky’s global user count has rocketed from roughly 13 million to more than 43 million, highlighting surging demand for ad-free, user-controlled alternatives to traditional platforms.

Bluesky plans to channel the funds into aggressive expansion: scaling its engineering and product teams, bolstering the AT Protocol (the open-source framework powering its decentralized ecosystem), upgrading infrastructure for reliability and security, and accelerating feature rollouts for creators, communities, and everyday users. The company stresses its commitment to an “open social web” that prioritizes data ownership, privacy, and freedom from centralized control—without relying on blockchain tech despite the crypto investor lead.

The move signals deepening institutional confidence in decentralized social media. Bain Capital Crypto’s involvement could hint at future Web3-inspired explorations, even as Bluesky stays protocol-focused rather than crypto-native.

With this war chest and explosive growth, Bluesky is positioning itself as a serious contender in the fight for a more open internet. The platform’s next phase promises enhanced tools, broader accessibility, and deeper ecosystem partnerships—potentially reshaping how we connect online.