In a move that underscores growing investor confidence in decentralized social media, Bluesky funding has been formally disclosed for a major Series B completed last year.
Bluesky reveals previously undisclosed $100 million Series B
Decentralized social platform Bluesky has revealed that it raised $100 million in a Series B round completed in April 2025, according to an announcement published on Mar 20, 2026 at 07:44 AM UTC. The round had not been publicly announced at the time it was closed.
According to the official statement, the financing was led by Bain Capital Crypto, signaling strong institutional interest in decentralized social networks. Moreover, the round attracted participation from multiple venture and institutional backers, highlighting the sector’s appeal to mainstream investors.
Other notable investors named in the release include Anthos Capital, Bloomberg Beta, Knight Foundation, Alumni Ventures, and True Ventures. However, specific valuation details for the Series B were not disclosed.
Use of proceeds and strategy for growth
Bluesky said it has already begun deploying the fresh capital to expand its team and scale its infrastructure, as the company enters what it calls a new phase of leadership and growth. The firm emphasized that the resources are being directed at long-term platform resilience and ecosystem development.
The company stated that this latest bluesky funding gives it a stronger foundation to execute on its roadmap for the open social web. That said, management stressed that increased capitalization will not alter its stated mission or core values, which center on user control and open standards.
According to the announcement, part of the investment will also support continued development of the AT Protocol, which underpins the network. Moreover, scaling infrastructure and moderation tooling is seen as critical as user numbers climb and third-party applications proliferate.
From Series A to rapid user growth
As previously reported, the social media platform completed a Series A funding round in October 2024, raising $15 million. That earlier round was led by Blockchain Capital, which backed the company as it was formalizing its protocol and early product strategy.
Since securing its Series A, Bluesky has experienced a sharp increase in its user base. The company reports that total users have grown from 13 million to over 43 million globally, a scale-up that underscores strong adoption momentum. However, it did not break down regional distribution or engagement metrics.
Alongside headline user numbers, the broader ecosystem built around the AT Protocol has expanded. Moreover, the announcement notes growth in developers, applications, and users building on the protocol, pointing to a maturing environment beyond the flagship app itself.
A decentralized social network built on the AT Protocol
Bluesky positions itself as a decentralized social network architected on the AT Protocol, which standardizes how identity, social graphs, and content are structured across applications. This design aims to separate the protocol layer from any single corporate platform.
Unlike traditional social platforms controlled by a single company, the protocol is intended to allow multiple apps and services to interoperate within the same network. That said, individual services can still differentiate through features, moderation policies, and business models.
According to the company, the architecture lets users move between services without losing their identity, followers, or data. Moreover, this portability is meant to give individuals greater control over their social presence while reducing lock-in to any single provider.
Implications for the open social web
The newly revealed $100 million Series B, led by Bain Capital Crypto with participation from venture firms like Anthos Capital and True Ventures, marks a significant institutional bet on decentralized social networking. It also builds on the $15 million raised in October 2024, reinforcing investor conviction in Bluesky‘s protocol-first approach and its expanding AT Protocol ecosystem.
Source: https://en.cryptonomist.ch/2026/03/20/bluesky-funding-bain-capital-crypto/
