Framework Ventures, a venture capital firm that has long focused on crypto infrastructure, has closed its fourth fund after raising $400 million. The San Francisco-based firm said the new capital will be directed toward “frontier technology,” a mandate that includes both crypto and adjacent innovation areas such as artificial intelligence, robotics and energy, Fortune reported on Friday.
According to the report, co-founders Vance Spencer and Michael Anderson said roughly half of the fund has already been deployed. They did not name the fund’s limited partners. Cointelegraph previously reached out to Framework for additional details about the latest vehicle but did not receive a response at the time of publication.
Key takeaways
- Framework Ventures closed a $400 million fourth fund with a “frontier technology” scope that extends beyond blockchain.
- Co-founders Vance Spencer and Michael Anderson said about half of the capital has already been deployed.
- The firm frames the strategy as following its existing founder network into new tech categories rather than abandoning crypto.
- Framework’s track record includes major crypto investments across infrastructure and decentralized finance.
A broader mandate, framed as an extension of its founder network
While many crypto-focused VCs have increasingly talked about diversifying into artificial intelligence and other emerging sectors, Framework is positioning its latest fund as a continuation of where its ecosystem is already headed. Anderson said the firm is not merely chasing AI headlines; instead, it is investing alongside founders it already backs who are building products that touch multiple frontiers.
In the context of the fund’s launch, Anderson emphasized that investors should stay alert to the direction these founders are taking, adding that “We should pay attention.”
This approach is consistent with Framework’s earlier behavior: the firm has previously invested in companies outside purely on-chain categories, while still maintaining a strong presence in digital asset infrastructure.
Concrete examples of Framework’s cross-sector investing
Fortune’s coverage and Framework’s disclosed activity point to a pattern of investments spanning crypto-linked financial infrastructure and robotics data.
For example, Framework backed robotics data startup Mecka AI with a reported $60 million round in early June. Earlier in the year, it also partnered with mortgage lender Better to support up to $500 million in financing through the Sky stablecoin ecosystem. Separately, Fortune reported that Framework took a $45 million stake in Better—representing roughly 10% of the company’s stock—citing its earlier reporting on tokenized mortgages.
Together, these examples illustrate the strategy implied by the fund’s “frontier technology” language: Framework is looking for investment opportunities where digital asset infrastructure, capital markets, and new technology stacks intersect, rather than treating non-crypto areas as entirely separate bets.
Crypto still at the core: a portfolio built around major infrastructure names
Framework’s diversification does not replace its crypto focus so much as broaden the set of bets it can place. The firm, founded in 2019, launched its first crypto fund with an emphasis on early decentralized finance (DeFi) projects.
Framework’s portfolio includes well-known crypto platforms and infrastructure businesses such as Aave, Chainlink, Hyperliquid, Jito Labs and Plasma, according to the company’s portfolio page. The firm says it invests across multiple market cycles, prioritizing founders that build “infrastructure and products” in emerging digital asset markets.
That framing matters for investors because it suggests Framework is attempting to keep its selection criteria—supporting early builders in infrastructure—while expanding the technical domains those builders operate in. For traders and users, it also implies a continued likelihood of investment in the underlying systems that power on-chain finance and related applications, even as the investment lens widens.
How the new fund fits within Framework’s capital expansion
Framework’s fourth fund comes after several rounds of increasing fund sizes and a consistent focus on crypto during earlier vehicles. Fortune’s reporting ties the firm’s scaling to earlier fundraising, noting that Framework raised a $100 million second fund in 2021 and a $400 million third fund in 2022—both described as primarily crypto-focused.
In other words, the latest $400 million raise is not just another step up in ticket size; it represents a change in headline scope. The amount remains in line with the third fund, while the stated target audience for investments expands from primarily blockchain to additional frontier technology categories.
Framework has also drawn institutional attention previously. For instance, The Wall Street Journal reported that the firm raised a round backed by institutional support, underscoring that its fundraising momentum is tied to broader demand for credible crypto VC exposure. Coverage from Bloomberg similarly described how crypto VC firms were challenging the “traditional” look of legacy venture crowds by raising capital at meaningful scales during prior fundraising waves.
As Framework shifts the narrative from “crypto only” to “frontier technology,” investors will likely look for signals on how broadly that scope will be applied. The key question is whether future deployments will concentrate more heavily in AI, robotics and energy—or whether these sectors will primarily appear when they intersect with crypto-native infrastructure and capital formation.
Readers should watch how much of the fourth fund’s remaining capital continues to flow into crypto infrastructure versus non-blockchain frontier bets, and whether the firm’s portfolio announcements clarify what “frontier technology” means in practice beyond its early Mecka AI and Better examples.
