Bluesky raises $15M for subscriptions on October 25, 2024
- Bluesky has raised $15 million in Series A funding, building on a previous $8 million seed round.
- The app has seen rapid growth, recently adding 3 million users and reaching a total of about 13 million.
- The funding will help develop a user-centered subscription model that avoids unfair advantages typically seen in other platforms.
Bluesky, a decentralized social app incubated by Twitter, has recently raised $15 million in a Series A funding round after a previous $8 million seed funding last year. This funding aims to support the company's rapid growth, which has seen approximately 3 million new users joining within the last month, bringing the total user base to around 13 million. The influx of users can be attributed to dissatisfaction with recent changes in other social media platforms. The app's goal is to develop a decentralized social network based on its AT Protocol, allowing users to create their own servers. Moreover, Bluesky is working on a subscription model aimed at providing features such as enhanced video uploads and personalized profile customizations. Unlike other platforms, this model is designed to avoid unfair advantages for paying users. Bluesky's leadership reassures users that it is not pursuing a shift towards web3 or financializing social interaction through cryptocurrencies or NFTs. The company remains focused on fostering a user-centric experience, emphasizing that technology should never compromise the user experience. The recent funding round was led by Blockchain Capital, alongside several other investors. Despite the involvement of a crypto firm, Bluesky has clarified its stance, stating that they will not incorporate blockchain elements into their operations. The company aims to reinforce its community and is committed to principles of trust and safety as it expands its platform.