Framework Ventures is going big — and going broad. The San Francisco-based firm just closed its fourth fund at $400 million, and for the first time it’s explicitly looking beyond crypto.
The new fund will target what Framework co-founders Vance Spencer and Michael Anderson call “frontier technology”: AI, robotics, energy, and yes, still crypto. About half the capital is already deployed. The firm isn’t abandoning blockchain — its portfolio still includes Aave, Chainlink, Hyperliquid, and Plasma — but it’s following its founders into new territory.
Case in point: Framework recently backed robotics data startup Mecka AI in a $60 million round. It also partnered with mortgage lender Better to offer up to $500 million in stablecoin-backed financing and took a $45 million equity stake in the company.
This isn’t a pivot away from crypto so much as an expansion. Framework’s thesis is that the founders it already knows are building across multiple frontier sectors, and the firm wants to follow them there. The raise reflects a broader trend of crypto-native VC firms diversifying their bets while staying rooted in what they know.
The firm raised $100 million for its second fund in 2021 and $400 million for its third in 2022, both primarily crypto-focused. This fourth fund is the first to formally broaden the mandate.
