The decentralized social networking platform Bluesky announced Thursday that it has secured $100 million in Series B funding, with Bain Capital Crypto serving as the lead investor. The financing round also included contributions from several other prominent investors, including Alumni Ventures, Anthos Capital, Bloomberg Beta, Knight Foundation, and True Ventures.

According to information shared by the company in an official blog post, the funding round reached its close in April 2025. This substantial investment follows Bluesky’s Series A financing, which brought in $15 million in October 2024. In their announcement, company representatives emphasized that the new capital injection provides them with a solid foundation to continue developing the open social web while maintaining their core mission and principles.

The funding disclosure comes alongside significant leadership changes at the organization. Earlier this month, Bluesky revealed that Jay Graber, who had been serving as chief executive officer, would be transitioning to a different position within the company as chief innovation officer. Taking over the helm in an interim capacity is Toni Schneider, a veteran technology executive who previously led Automattic, the company responsible for operating WordPress.com. Schneider also holds a partnership position at True Ventures. The company’s board is currently conducting a search to identify a permanent successor for the CEO role.

Bluesky has emerged as one of the most prominent alternatives to X, experiencing remarkable growth in its user base. The platform saw a 60% increase in users throughout the previous year, expanding from 25.9 million to 41.4 million users according to a transparency report published in January 2026. More recent figures indicate that growth has continued, with the company reporting that its user count has now reached 43 million, based on information shared by a company representative.

The company’s operational structure reflects modern workplace trends, functioning as a fully remote organization without a central headquarters. Despite this distributed model, Bluesky maintains a notable presence in Seattle, with multiple team members based in the Pacific Northwest city. Among those working from Seattle are Graber, who recently transitioned to the chief innovation officer role, and Paul Frazee, who serves as the company’s chief technology officer.

The substantial Series B investment represents a significant vote of confidence in Bluesky’s vision for decentralized social media at a time when users are increasingly seeking alternatives to traditional social networking platforms. The company’s commitment to maintaining an open social web architecture distinguishes it from many competitors in the social media landscape.

With the new funding secured, Bluesky appears positioned to continue scaling its operations and expanding its platform capabilities while staying true to its founding principles. The leadership transition, combined with this major capital infusion, marks a pivotal moment in the company’s evolution as it works to establish itself as a major player in the social media ecosystem.

The timing of this disclosure also highlights the company’s commitment to transparency with its user base and stakeholders, even when announcing funding that closed nearly a year prior to the public announcement.