Framework Ventures Raises $400M Fourth Fund

FVIV Targets Private, Liquid And Public-Market Opportunities

FVIV will invest across stablecoins, tokenization, digital assets and blockchain infrastructure, while adding exposure to AI, robotics, energy, fintech and other frontier technologies. The fund can deploy capital into private and liquid opportunities, including early-stage companies, liquid digital assets and select publicly traded securities.

Framework said the vehicle will target companies from pre-seed through Series A. Individual investments from FVIV are expected to range from $1 million to $50 million.

Michael Anderson framed the expansion as a continuation of Framework’s founding strategy rather than a departure from blockchain. “We founded Framework Ventures seven years ago as a frontier fund. Back then, that meant focusing on blockchain, because it was the single most contrarian bet in technology,” Anderson said.

Anderson said blockchain has matured into infrastructure used across sectors. “Today, blockchain is integral to capital formation and infrastructure across multiple industries, and as a result, we've expanded our focus and expertise to additional verticals, such as AI, robotics, energy, fintech, and more,” Anderson said.

Anderson also said Framework’s shift is being shaped by founders around the firm. “We can see these founders leading us in this direction. We should pay attention,” Anderson said.

Spencer described the fund as a response to overlapping technology categories. “The boundaries between frontier technologies are dissolving rapidly,” Spencer said. “The next generation of category-defining companies will not fit neatly into one vertical.”

Spencer said future companies may use AI for decision-making, blockchain rails for settlement or capital formation, and robotics and energy to build in the physical world. “FVIV is built to lead in frontier technology, regardless of vertical, for the next decade,” Spencer said.

Framework has already started deploying the new fund. The firm led Mecka AI’s $60 million Series A round, giving FVIV early robotics and AI data exposure, and also invested in Daylight, described as a distributed energy network. Framework also highlighted non-crypto bets including Mecka AI and a stake in Better.com, the public mortgage issuer.

Anderson said FVIV has already deployed about half of its capital. Framework said the new frontier technology investments complement its existing digital asset portfolio rather than replace it.

The firm’s existing digital asset portfolio includes Hyperliquid, described as a derivatives platform; Sky, described as a yield-bearing stablecoin issuer; and Plasma, described as a stablecoin-focused blockchain. Framework’s positioning keeps stablecoins, tokenization, digital assets and blockchain infrastructure inside the mandate while widening the range of sectors the fund can pursue.

We’ve launched the all-new COIN360 Perp DEX, built for traders who move fast!

Trade 130+ assets with up to 100× leverage, enjoy instant order placement and low-slippage swaps, and earn USDC passive yield while climbing the leaderboard. Your trades deserve more than speed — they deserve mastery.

Crypto Roots Remain Central To Framework’s Strategy

Framework launched in 2019 and built its early reputation as a backer of DeFi, or decentralized finance. Spencer and Anderson previously worked at major technology companies, with Spencer tied to Netflix and Anderson tied to Snapchat.

Despite those Big Tech backgrounds, Spencer and Anderson gained credibility with crypto’s anonymous “degens,” a term used to describe degenerate traders. Framework was an early backer of Aave, described as a crypto lender that later became a dominant DeFi protocol, and Chainlink, described as a blockchain data network that became a dominant DeFi protocol.

The broader market backdrop includes a crypto rally after President Donald Trump won the election, followed by market weakness over the next eight months. Bitcoin approached lows not seen since 2024, while AI companies such as Anthropic and OpenAI continued to draw expanding valuations as venture investors looked for potentially historic IPO returns.

Framework’s expansion fits a broader pattern among large digital asset investors widening their mandates. Paradigm was cited as reportedly raising as much as $1.5 billion for a new fund focused on crypto, AI and robotics. Haun Ventures, founded by a former partner at Andreessen Horowitz’s crypto arm, was cited as expanding its mandate after raising $1 billion for a second fund targeting blockchain, AI, financial services and alternative assets.

Framework also announced senior team changes alongside FVIV. Rajiv Patel-O’Connor, described as a longtime partner and early member of Framework’s investment committee, was promoted to general partner. Fred Neary was promoted to general counsel. Ryan Barney, formerly from Pantera Capital, was hired as a partner. Nick Trileski, formerly from DRW, was hired as a partner.

Framework said the appointments support its expansion across frontier technologies. Anderson said the firm has hosted AI research paper reading sessions at its San Francisco office on weekends, and pushed back against the idea that Framework is only now paying attention to artificial intelligence. “Just because we’re crypto doesn’t mean that we haven’t been paying attention,” Anderson said.