Bluesky Funding: $100M Series B Closed in 2025, Announced in 2026

Bluesky disclosed a $100 million Series B on March 19, 2026, but the money was raised in April 2025. The distinction matters: news articles dated March 2026 describe an older financing becoming public, not a second $100 million round closing in 2026.

The investor list explicitly includes Alumni Ventures, and the company had already named AV in its $15 million Series A in October 2024.

Bluesky's funding history

The three disclosed rounds total $123 million. That is capital raised across these financings, not Bluesky's valuation. Bluesky did not publish a new valuation in its March 2026 Series B announcement.

Why was the $100 million funding announced nearly a year later?

Bluesky's March 2026 release says the Series B closed in April 2025. The company used the announcement to explain its scaling plans and leadership transition: founder Jay Graber had moved to Chief Innovation Officer, focusing on its underlying open-social infrastructure.

No precise April 2025 closing day was specified in that release, so this timeline deliberately uses the month rather than inventing a day.

This is an easy place for automated funding feeds to make a mistake. A crawler taking the March 2026 publication date as a financing-close date would misplace the deal and could double count funding history.

What does Bluesky do?

Bluesky is a consumer social network built on the AT Protocol, an open set of technologies allowing compatible apps and services to share a social network. Instead of depending exclusively on one platform's identity, users can have portable handles, choose algorithmic feeds and, within protocol capabilities, switch underlying services.

For an everyday user, the product resembles a familiar short-post social app. For developers, the differentiator is an interoperable ecosystem rather than a single closed application.

Bluesky said that by March 2026 it had:

• More than 43 million global users, compared with roughly 13 million when it announced Series A.
• Over 1,000 AT Protocol apps in weekly use.
• Approximately 20 billion public records across the wider protocol ecosystem.

These are company-reported counts, not independently audited engagement data. Registered users are not the same as daily active users, and public records are not paying customers.

Who invested in Bluesky's Series B?

Bain Capital Crypto led the $100 million Series B. Bluesky named Alumni Ventures, Anthos Capital, Bloomberg Beta, Knight Foundation and True Ventures as participating investors.

The October 2024 Series A had been led by Blockchain Capital, with Alumni Ventures, True Ventures, SevenX and individual investors also named. The company's announcement expressly said that Bluesky and the AT Protocol do not rely on blockchains or cryptocurrency, despite the sector expertise of its venture backers.

Neither round revealed the size of AV's individual check, its ownership percentage or investor returns.

How might Bluesky make money?

Open social networks face a delicate tradeoff: users value portability, moderation choice and an open ecosystem, while the operating company still needs revenue to fund servers, trust-and-safety teams, product development and support.

In 2024 Bluesky discussed premium features such as enhanced uploads or profile customization and voluntary creator payments. Plans and experiments should not be treated as proven subscription revenue or profit without subsequent financial disclosures.

Comparisons with X, Threads and Mastodon must account for their different corporate incentives and technical protocols. Bluesky competes for attention with X and Threads, but its architecture is more closely associated with open social infrastructure.

What Alumni Ventures' portfolio relationship proves

The Alumni Ventures fund profile now links to Bluesky, and VCT records two directly sourced AV financing participations: October 2024 Series A and April 2025 Series B.

This is stronger than a generic fund-logo association. The source company itself named AV in the specific rounds. It still does not reveal AV's investment amount, ownership stake, or investment performance.

What is unknown?

Bluesky has not disclosed a Series B valuation in the cited company release, nor a complete public breakdown of revenue, active-user retention, operating margin or the precise new shares purchased by each investor.

Bottom line: Bluesky has $123 million in three identified equity financings, with a $100 million Series B completed in 2025 and disclosed in 2026. Alumni Ventures participated in the two later rounds, but the financial terms of its individual investments remain undisclosed.