• Bluesky, an alternative to X, saw a surge of users after Donald Trump was elected in November.
• The company is raising new funding that would value it around $700 million, according to three sources.
• The round is being led by Bain Capital Ventures, per the sources.

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

Bluesky and Bain Capital Ventures did not respond to a request for comment from Business Insider.

Bluesky 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 those new users were added during the last month and a half of the year after Donald Trump won the US presidential election and some X users fled the platform ow