Framework Ventures is a San Francisco-based crypto-native venture capital firm founded in 2019 by Vance Spencer and Michael Anderson . The firm manages approximately $1.4 billion in assets , making it one of the largest dedicated crypto venture funds. Framework was arguably the first VC firm to "go all in" on the emerging Decentralized Finance (DeFi) ecosystem, notching up major early investments in several multi-billion dollar apps and networks like Chainlink, Aave, Synthetix, The Graph, and more .
The firm takes a high-conviction approach to investing, leading early-stage rounds with check sizes typically ranging from $250k to $40 million . Framework has raised two major funds for $100 million and $400 million , with the $400 million third fund (dubbed "FVIII") raised in April 2022 . The firm focuses on DeFi, stablecoins, AI, and blockchain infrastructure .
Notable Investments
Framework's portfolio includes some of the most successful crypto protocols and networks. The portfolio has seen 2 unicorns and 1 acquisition, namely Chainlink, Berachain, and Andalusia Labs . Major investments span multiple verticals:
- DeFi protocols: Chainlink, Aave, Synthetix, The Graph
- Recent stablecoin bets: Plasma ($24M in February 2025), Obex ($37M in November 2025)
- Infrastructure: Midas and Perle are among the latest investments
- Gaming and Web3: The firm expanded significantly into blockchain gaming starting in 2021-2022
Framework has made 64 investments in Seed stage with an average round size of $7M, 36 investments in Series A stage with an average round size of $12.4M . The firm maintains an active portfolio across framework.ventures with significant governance participation in protocols.
Team
Michael Anderson served as a product manager at both Snapchat (2016-2018) and Dropbox (2013-2016), where he helped build out their monetization platforms . Vance Spencer worked at Netflix (2015-2018) in Los Angeles and Tokyo, where he was part of the team responsible for the relaunch of the Japan business . Before Framework, the two co-founders launched and sold Hashletes (2018-2019), a digital collectible startup with official licensing from the NFL .
Framework Ventures has a team of 5 members including 3 Partners and 1 Principal . Additional partners include Roy Learner, who has been involved in the crypto space since 2016 and was part of the founding team at Wave Digital Assets (2018-2020) , and Rajiv Patel-O'Connor, who was previously a software engineer at Coinbase (2021) where he built out staking products .
Recent Activity
In 2025, Framework made 13 investments, while as of March 2026, it has made 3 investments this year . The firm announced a strategic partnership with Better for $500MM deployment in February 2026 . Framework's latest investment was on April 16, 2026 in Stablecoin Development . The firm has shifted focus toward real-world asset (RWA) tokenization and stablecoin infrastructure, reflecting broader market trends toward compliant, institutional-grade crypto products.
The firm operates Framework Labs, an affiliate that actively participates in protocol governance, runs validator nodes, and provides hands-on operational support to portfolio companies. The firm historically has led around 80% of the major funding rounds in which it participates .
Track Record and Outlook
Framework's early DeFi bets have delivered exceptional returns. The firm became the largest owners outside of the core team and exchanges of both Chainlink and Synthetix , two protocols that achieved multi-billion dollar valuations. Berachain became a unicorn in 2024 . The firm's retail ROI of 5.33x reflects strong performance across multiple market cycles.
Not all bets have succeeded. Public information about specific failures is limited, though Framework notes that some portfolio companies have shut down without liquidity events or had equity written to zero . The firm's blockchain gaming thesis, heavily promoted in 2021-2022, faced headwinds during the 2022-2023 bear market as GameFi projects struggled with retention and tokenomics.
Framework remains one of the most active and influential crypto venture firms. Its hands-on approach, deep technical expertise, and willingness to take concentrated positions in early-stage protocols position it well for the current cycle focused on infrastructure maturation and real-world applications. The firm's geographic focus centers on San Francisco but extends to investments across North America, Europe, and Asia.
