Bluesky is valued at about $700 million in a new round of funding after "explosive growth" in the run-up to Trump's victory

Bluesky is in the final stages of raising new funding led by Bain Capital Ventures, which would value the social media company at about $700 million, according to three sources familiar with the deal.

Bluesky was officially launched less than a year ago with 3 million users and grew to 25.9 million users in 2024, the company said.

Nearly half of these new users were added in the last month and a half of the year after Donald Trump won the US presidential election and some X users left the platform owned by Trump supporter Elon Musk.

Bluesky last raised a $15 million Series A round in 2024 and an $8 million seed round in 2023.

It's unclear how much capital Bluesky is raising in this new round, which is still being finalized and terms are subject to change.

Bluesky told BI in late November that it was growing so fast that it had to add servers to "keep up" with demand.

Bluesky was originally formed in 2019 as an internal project at Twitter when founder Jack Dorsey was still CEO.

Bluesky was launched as an independent public benefit corporation in 2021, headed by Jay Graber.

Dorsey resigned from Bluesky's board of directors in 2024 and criticized the app for "repeating all the mistakes" of Twitter. /Telegraph/