Framework Ventures bags $400M fund and swears it's still a crypto VC 🧭

Framework Ventures has closed a $400 million fund, its fourth, while expanding its mandate beyond blockchain into technologies such as artificial intelligence, robotics and energy, according to a Fortune report on Friday. The San Francisco-based venture capital firm said roughly half of the capital has already been deployed across its target areas, though co-founders Vance Spencer and Michael Anderson declined to identify the fund's limited partners.

Anderson said the firm is not abandoning crypto or simply chasing the AI trend, arguing that existing founders in its network are already building in adjacent sectors. "We can see these founders leading us in this direction," he said, adding: "We should pay attention." Cointelegraph approached Framework for additional details regarding the latest fund but did not receive a response at the time of publication.

The raise comes as crypto venture firms broaden their strategies to cover other emerging technologies while continuing to back digital asset projects. Framework's recent investments include a $60 million round in robotics data startup Mecka AI in early June, a partnership with mortgage lender Better in February to provide up to $500 million in financing through the Sky stablecoin ecosystem, and a separate $45 million stake in Better representing roughly 10% of its stock, according to Fortune.

Founded in 2019 with a crypto-focused first fund, Framework built its portfolio around early decentralized finance projects and now counts Aave, Chainlink, Hyperliquid, Jito Labs and Plasma among its holdings. The firm raised a $100 million second fund in 2021 and a $400 million third fund in 2022, both primarily directed at crypto investments, and says it has backed companies across multiple market cycles focused on digital asset infrastructure and products.

Framework's latest vehicle ranks among the largest crypto-adjacent venture raises reported this year and underscores continued institutional appetite for funds willing to blend crypto exposure with bets on AI, robotics and energy. The firm has not disclosed when the remainder of the new fund is expected to be deployed.