Framework Ventures, a San Francisco-based venture capital firm backed by crypto operators, has closed its fourth fund after raising $400 million for investments in “frontier technology.” The new pool will support not only digital-asset projects, but also emerging areas such as artificial intelligence, robotics, and energy, Fortune reported on Friday.

According to Fortune, co-founders Vance Spencer and Michael Anderson said roughly half of the committed capital has already been deployed. The firm did not disclose its limited partners, and Cointelegraph did not receive a response when it sought additional details about the latest fund.

Key takeaways

Framework Ventures closed a $400 million fourth fund focused on “frontier technology,” spanning crypto and other emerging sectors.
About half of the fund has already been deployed, though the firm did not name its limited partners.
The shift is framed as complementary rather than a break from crypto, with Anderson pointing to alignment with founders’ build paths.
Recent investments underline the strategy, including robotics and tokenized mortgage activity alongside core crypto holdings.

A frontier-technology fund, not a retreat from crypto

Framework’s latest raise comes as crypto venture firms increasingly look beyond blockchain while remaining active in digital assets. For Framework, the expansion appears designed to follow where its existing founder network is building.

In comments cited by Fortune, Michael Anderson said the firm is not simply chasing the AI trend. Instead, he described the approach as tracking founder-led momentum—suggesting that talent and product direction in frontier tech often overlaps with crypto-native experimentation.

“We can see these founders leading us in this direction,” he said, adding: “We should pay attention.”

How Framework’s recent deals fit the new thesis

Framework’s broader mandate is already visible in its deal activity. In early June, the firm backed Mecka AI, a robotics data startup, with a $60 million round, according to the reporting. Earlier, in February, Framework partnered with mortgage lender Better to support up to $500 million in financing through the Sky stablecoin ecosystem. Fortune also reported that Framework took a $45 million stake in Better, representing roughly 10% of the company’s stock.

The portfolio mix illustrates a consistent theme: backing infrastructure and products that can bridge digital finance with real-world systems. Rather than treating AI or robotics as standalone bets, Framework’s examples show an interest in data, operational tooling, and payments rails—areas where crypto firms often believe incentives and programmability can matter.

Framework also invests directly in established DeFi and digital-asset platforms. On its website, the firm lists positions in projects including Aave, Chainlink, Hyperliquid, Jito Labs, and Plasma.

From early DeFi to a multi-cycle venture strategy

Framework Ventures was founded in 2019, and its first fund focused on early decentralized finance (DeFi) projects. Over time, the firm broadened its investing approach while keeping its emphasis on founders building infrastructure and products in emerging digital-asset markets.

Framework’s history includes multiple fund cycles that map to different periods of the market. Fortune noted that the firm raised a $100 million second fund in 2021, and a $400 million third fund in 2022—both primarily focused on crypto investments. The fourth fund’s size and subject matter suggest an evolution rather than a reversal: continuing to allocate toward crypto while opening a larger window for adjacent frontier technologies.

Industry context matters here. Crypto venture capital has faced a recurring debate over whether early-stage crypto investing can sustain momentum once the sector matures, regulatory uncertainty rises, and attention shifts to AI. Framework’s framing—following founders rather than chasing headlines—attempts to resolve that tension by tying expansion to teams and products already in motion.

What to watch as the fund deploys

With “about half” of the $400 million already deployed, the new strategy is likely entering a visible phase soon, particularly through deals that connect digital assets with broader frontier tech use cases. Investors and builders will probably want to monitor whether Framework’s non-crypto bets stay closely linked to crypto infrastructure—or whether it begins to show a more distinct separation between its blockchain investments and its frontier-technology allocations.

In the near term, attention should also center on how the firm’s portfolio changes after this close: which founders and sectors gain the most allocation, and whether Framework’s approach mirrors the broader crypto venture shift toward diversification without losing a core commitment to crypto-native product development.