Bluesky Becomes Part of the Eterna Capital Portfolio
We are excited to officially announce our recent investment into Bluesky.
OFFICIAL ANNOUNCEMENT here.
Bluesky is a social platform designed to operate without being controlled by a single entity. It reimagines social media as a collaborative space where many contributors shape the experience, while still offering a seamless, user-friendly interface. This is made possible through the AT Protocol, Bluesky’s open-source framework that allows various social apps to communicate and work together.
We are excited to announce that we have participated in Bluesky’s $15M Series A, led by Blockchain Capital. This announcement comes as Bluesky experiences rapid growth, partly driven by X users concerned about recent changes to the block feature and the decision to allow third parties to train AI on public posts. The platform has gained approximately 3 million new users in the past month, bringing its total user base to around 13 million as of today.
After spending more than two decades on social media, we’ve learned that the internet works best when users have choices — freedom to navigate different spaces, control how their data is used, and leave a network whenever they choose. Bluesky gives this choice back to users, which is truly revolutionary. The platform allows you to curate your own feed, manage your identity, and control your social connections. Instead of one platform deciding what you see, you make that decision.
Bluesky stands out with its developer-friendly platform, which benefits both developers and the platform by enabling monetization from more users. The platform prioritizes user experience through features like composable feeds (50k algorithmic feeds to choose from), self-organized moderation communities, and account portability (users can easily move servers while retaining their identity and data). The experience feels like engaging in a global conversation, connecting with users on diverse topics and communities.
Jay Graber, CEO of Bluesky, is one of the most passionate founders we’ve encountered in our seven years of investing as a VC. As a social activist who entered the crypto world in 2015 as a software developer before launching a social network in 2019, she brings a unique perspective to addressing today’s social challenges. Her team blends practicality with vision, working to build a decentralized social network capable of scaling to billions of users.
With this fundraise, the team’s focus will be on expanding Bluesky’s community, with a strong emphasis on trust and safety, and enhancing product features. Although Bluesky has reiterated its commitment to being free and accessible, the team is developing a subscription model for premium features like high-quality video uploads and profile customizations.
Centralized social media platforms face numerous challenges, from data privacy concerns and regulatory pressures to trust issues with users. As privacy awareness grows and creators seek better monetization options, we believe decentralized platforms will gain popularity by offering greater autonomy and control. We also believe that the adversarial policies of centralized networks will push more users toward decentralized alternatives. Bluesky has all the elements to become the go-to platform.
With our investment, we are thrilled to support Bluesky’s vision of advancing decentralized social networks. We firmly believe that now, more than ever, social networks need to evolve and adopt an open infrastructure to drive the next generation of products and services — one that empowers users at the heart of the social media ecosystem.
About Bluesky
Bluesky is a social app that is designed to not be controlled by a single company. We’re creating a version of social media where it’s built by many people, and it still comes together as a cohesive, easy-to-use experience. We’ve done this by building Bluesky on the AT Protocol, an open source toolbox for building social apps that can all talk to each other.
Sign up for Bluesky here.
For more information, visit https://bsky.social/about/faq or follow them on X.
About Eterna Capital
Eterna Capital is a venture capital firm dedicated to advancing blockchain technology. We invest in visionary entrepreneurs pioneering breakthroughs with blockchain, aiming to drive growth and innovation across the industry. By empowering these innovators, Eterna Capital plays a crucial role in shaping the future of blockchain while providing our investors strategic access to this transformative market.
For more information, visit www.eternacapital.com or follow us on LinkedIn and X.
Disclaimer: This post is for general information purposes only. It does not constitute investment advice or a recommendation or solicitation to buy or sell any investment and should not be used in the evaluation of the merits of making any investment decision. It should not be relied upon for accounting, legal or tax advice, or investment recommendations. This post reflects the current opinions of the authors and does not necessarily reflect the opinions of Eterna Capital, its affiliates, or individuals associated with Eterna Capital. The opinions reflected herein are subject to change without being updated.
