Upstart social media platform Bluesky, which gained momentum following the 2024 Presidential election as an alternative to Elon Musk’s controversial X social media platform, is looking to do some big things in 2025.
According to Business Insider, Bluesky has launched a new funding push so that they can capitalize on opportunities and continue their expansion. The funding round is valuing the platform at $700 million.
This would mark Bluesky’s third fund raise after raising $15 million in Series A funding last October, which added to the $8 million in seed funding that was officially announced back in July of 2023.
Bluesky boasts of 25 million users, but growth has slowed over the last month and it still leaves it far behind the likes of X (formerly Twitter) and Threads.