Bluesky raises $100 million in secret and hands over the reins to a new leader

After unveiling its roadmap at the beginning of the year, Bluesky is taking another financial step, while also implementing a strategic change internally.

Behind an announcement published several months late, there is a clear desire for structuring rather than communication…

A fundraising round revealed a year late

In a press release, Bluesky officially announced a $100 million Series B funding round, led by Bain Capital Crypto, with participation from several investors such as Alumni Ventures and Bloomberg Beta, in a round closing in April 2025… without being made public at the times.

This choice contrasts sharply with the usual practices of startups, which generally highlight their funding rounds to boost their visibility. Here, Bluesky seems to have prioritized product development and structuring its ecosystem before any communication.

Since its Series A funding round of $15 million in 2024, the platform has experienced strong growth, going from 13 to over 40 million users last November.

This growth reflects a growing interest in alternative social networks, particularly in a context of distrust towards traditional models.

A change of direction to scale up

This announcement comes a few days after a major turning point, namely the stepping down of Jay Graber from his position as CEO. Nevertheless, the founder retains a strategic role as Chief Innovation Officer, focusing on the development of the platform's technical protocol.

To ensure a smooth transition, Toni Schneider, former CEO of Automattic, is taking the helm of the company on an interim basis. His execution-oriented profile will be tasked with supporting the platform's scaling up.

This repositioning illustrates a classic evolution in tech, with the shift from an innovation phase to an industrialization phase. Where Jay Graber laid the foundations, the new leadership will now have to translate that success into economic viability.

The Bet on a Truly Decentralized Social Network

At the heart of Bluesky's value proposition lies the AT Protocol, an open infrastructure that allows for the separation of identity, data, and applications. Unlike traditional platforms, users are no longer dependent on a single service to exist online.

This structural argument appeals to both users and investors, particularly those from the crypto ecosystem, even though Bluesky is not based on blockchain. Today, the ecosystem already boasts more than 1,000 active applications and a massive volume of exchanged public data.

However, the question of the business model remains open. True to its philosophy, the platform relies on subscriptions and paid services, rather than targeted advertising. A coherent approach, but one that still needs to prove itself on a large scale against competitors like Meta or X…