Framework Ventures raises $400 million for fourth fund

Framework Ventures has raised $400 million for its fourth fund, Fortune reported Friday, marking a broader push by the San Francisco venture firm beyond its roots in crypto. The fund gives Framework fresh capital at a time when digital-asset investing has cooled and AI startups are drawing more venture attention, according to Fortune.

Cofounders Vance Spencer and Michael Anderson told Fortune the firm will invest the new fund across what they described as frontier technology. Fortune reported that the category includes crypto, artificial intelligence, robotics and energy.

Spencer and Anderson did not identify the fund’s limited partners, Fortune reported. They told the publication the backers include funds of funds, an Ivy League endowment, sovereign wealth funds and nonprofits.

Framework had $1.28 billion in assets under management in December 2025, according to a Securities and Exchange Commission filing cited by Fortune. Anderson told Fortune that the firm has already put about half of the fourth fund to work.

Broader mandate after crypto focus

Framework was founded in 2019 and built its reputation by investing early in decentralized finance projects, Fortune reported. The publication identified Aave, a crypto lending protocol, and Chainlink, a blockchain data network, as among the firm’s early bets.

Fortune reported that Spencer and Anderson came to Framework after working in Big Tech, with Spencer previously at Netflix and Anderson at Snapchat. The firm later raised $100 million for a second fund in 2021 and $400 million for a third fund in 2022, both tied to crypto investing, according to Fortune.

The firm is now pointing to investments outside crypto as part of its current strategy, Fortune reported. Those include robotics data startup Mecka AI and a stake in Better.com, the public mortgage issuer, according to the publication.

Anderson told Fortune the shift reflects where founders in Framework’s network are spending their time, rather than a sudden change in taste. He said the firm has been watching those founders move into new technical fields, Fortune reported.

Crypto investors follow AI demand

Framework’s broader fund comes as other crypto-focused venture investors expand their mandates, Fortune reported. The publication cited a Wall Street Journal report that Paradigm is seeking as much as $1.5 billion for a fund that would invest in crypto, AI and robotics.

Fortune also pointed to Haun Ventures, founded by a former Andreessen Horowitz crypto partner, as another firm widening its scope. Bloomberg reported in May that Haun raised $1 billion for a second fund aimed at blockchain, AI, financial services and alternative assets, Fortune noted.

Fortune reported that crypto markets gained after President Donald Trump won the election but weakened over the following eight months, with Bitcoin approaching levels last seen in 2024. At the same time, the publication said companies including Anthropic and OpenAI have continued to draw higher valuations as venture investors look for potential returns from future public listings.

Framework has also been spending time on AI research inside the firm, Anderson told Fortune. He said the firm has held weekend sessions at its San Francisco office to read AI research papers, according to the publication.

This story draws on original reporting from Fortune.