Framework Ventures has raised $400 million for its fourth investment fund, expanding its investment strategy beyond cryptocurrency startups as venture capital firms increasingly pursue technologies expected to shape the next decade of computing and financial infrastructure. The new fund will invest across blockchain, artificial intelligence, robotics and energy while maintaining crypto as a core part of the firm’s portfolio rather than replacing it.
The San Francisco-based venture capital firm, founded in 2019 by Vance Spencer and Michael Anderson, said the latest vehicle is designed to support companies developing what it describes as “frontier technologies.” The strategy reflects growing overlap between blockchain infrastructure, AI systems and real-world industrial technologies instead of treating them as separate investment sectors.
According to the founders, capital for the fourth fund came from a mix of institutional investors, including sovereign wealth funds, university endowments, funds of funds and nonprofit organizations. Regulatory filings previously showed Framework managed approximately $1.28 billion in assets under management at the end of 2025, making it one of the larger crypto-focused venture firms still actively raising new capital.
Fund expands beyond crypto while retaining blockchain focus
Framework said the new capital will support investments across several technology sectors where digital infrastructure is expected to converge.
The firm’s investment priorities include:
- Blockchain infrastructure and decentralized finance (DeFi)
- Artificial intelligence platforms and developer tools
- Robotics and automation technologies
- Energy and industrial innovation
- Financial technology connecting traditional finance with blockchain
The firm also said approximately half of the new fund has already been deployed, indicating investment activity began before the official announcement. Framework first became known for backing decentralized finance projects during crypto’s rapid expansion. Early investments included lending protocol Aave and decentralized oracle network Chainlink, both of which later became key infrastructure projects within the DeFi ecosystem.
More recently, however, the firm’s portfolio has expanded beyond digital assets. Investments now include robotics startup Mecka AI and online mortgage company Better.com, illustrating a broader investment thesis centered on software infrastructure rather than crypto alone.
Why the strategy is changing
Rather than viewing artificial intelligence as a separate market, Framework argues that the future lies in Blockchain Infrastructure with AI, where decentralized networks, intelligent systems, and financial technologies operate as interconnected layers rather than separate industries.
That shift has influenced the firm’s investment strategy, with partners saying startup founders themselves increasingly operate across sectors instead of remaining exclusively focused on cryptocurrency applications. The expansion also reflects growing interest in technologies supporting tokenized financial assets, AI-powered automation and digital infrastructure.More recently, however, the firm’s portfolio has expanded beyond digital assets. Investments now include robotics startup Mecka AI and online mortgage company Better.com, illustrating a broader investment thesis centered on software infrastructure rather than crypto alone.
Crypto venture capital enters a new phase
Framework’s latest fund arrives during a period of slower venture activity across the digital asset sector after several years of volatile fundraising cycles. While cryptocurrency markets recovered following regulatory developments in the United States, venture investment has become more selective than during the 2021 market peak. Investors have increasingly favored infrastructure companies with long-term commercial applications over consumer-facing crypto projects or speculative token ecosystems.
At the same time, artificial intelligence has become the dominant destination for venture capital, prompting several crypto-native firms to broaden their investment mandates. Recent fundraising by firms such as Paradigm and Haun Ventures has similarly expanded beyond blockchain to include AI and other emerging technologies, suggesting digital asset investors are repositioning around technologies expected to intersect rather than compete.
For Framework Ventures, the fourth fund signals that blockchain remains an important investment theme, while its broader digital asset strategy increasingly focuses on the convergence of decentralized networks, AI, and traditional financial infrastructure. As venture capital evolves toward broader frontier technology investing, crypto-specialist firms appear to be adapting their strategies without abandoning the sector that established their track records.