Bluesky raises $15 million in Series A funding

Decentralized social app Bluesky has secured a $15 million Series A funding round, following its $8 million seed raise last year. This investment reflects Bluesky’s significant growth, partially fueled by recent changes on X that have driven users to seek alternative platforms.

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Originally incubated within Twitter, Bluesky is now an independent entity focused on building a decentralized social media platform. The company’s AT Protocol allows users to create their own social servers and apps, fostering transparency and community-driven development.

Bluesky plans to use the new funding to support its community, invest in Trust and Safety measures, and foster the growth of the ATmosphere developer ecosystem. Additionally, the company will introduce a subscription model offering features like higher quality video uploads and customizable profiles.

Bluesky has emphasized that its subscription model will differ from X’s approach, which prioritizes visibility and exclusive features for subscribers. The company believes that such a “pay to win” model is detrimental to the overall user experience.

The Series A round was led by Blockchain Capital, with participation from various investors, including Alumni Ventures, True Ventures, SevenX, Darkmode’s Amir Shevat, and Kubernetes co-creator Joe Beda. While the involvement of a crypto-focused firm might raise concerns, Bluesky has reassured users that it has no plans to integrate blockchain or cryptocurrency into its platform.

Kinjal Shah, a general partner at Blockchain Capital, will be joining Bluesky’s board. Shah shares Bluesky’s vision for a user-empowering and developer-friendly social media ecosystem.