Fundraising Overview
Framework Ventures has closed its fourth venture fund at $400 million, according to a report from Fortune. The limited partners include fund of funds, Ivy League endowments, sovereign wealth funds, and non-profit organizations, though specific names were not disclosed. As of December 2025, the firm managed $1.28 billion in assets under management, per SEC filings.
Investment Strategy Shift: From DeFi to Frontier Tech
The new fund will target what co-founders Vance Spencer and Michael Anderson call 'frontier technology' – encompassing not only crypto but also artificial intelligence, robotics, and energy. Spencer and Anderson revealed that roughly half of the fourth fund has already been deployed. Anderson stressed that the shift reflects the evolving interests of the firm's founder network, rather than a blind pivot to the AI trend. Founded in 2019, Framework initially focused on DeFi, backing early rounds of major protocols like Aave and Chainlink. Previous funds included a $100 million second fund in 2021 and a $400 million third fund in 2022.
Competitive Landscape
Framework's expansion comes amid a broader trend among crypto-native venture firms reaching into adjacent technologies. Paradigm is reportedly raising a new fund of up to $1.5 billion, also targeting AI and robotics. Haun Ventures, founded by a former a16z crypto partner, has already raised a $1 billion second fund with an expanded scope covering AI, financial services, and alternative assets. Framework's latest raise signals that crypto venture capital is increasingly blurring the line between blockchain and other high-growth technology sectors.