Decentralized social network Bluesky has raised $100 million in Series B funding, led by Bain Capital Crypto.

PANews reported on March 20th that, according to TechCrunch, decentralized social network Bluesky announced the completion of a $100 million Series B funding round, led by Bain Capital Crypto, with participation from existing investors Alumni Ventures, True Ventures, Anthos Capital, Bloomberg Beta, and Knight Foundation. This funding round is expected to close in April 2025, but was not previously disclosed. Bluesky did not disclose its latest valuation; its previous Series A funding round was $15 million, led by Blockchain Capital.

Alongside the funding announcement, Bluesky CEO Jay Graber announced his resignation to become Chief Innovation Officer. Graber had previously stated that while Bluesky is not involved in cryptocurrency, its decentralized design was inspired by her early work at Zcash, aiming to evolve centralized social media into an open, distributed network. Bluesky's user base has grown from 13 million at its Series A funding round to over 43 million, and the number of its ecosystem applications based on the AT Protocol is also increasing.