Framework Ventures

Framework Ventures Research Investment Thesis Framework Ventures is a leading crypto-native venture capital firm founded in 2019 by Vance Spencer (former Netflix) and Michael Anderson (former Snapchat/Dropbox), with a deep conviction in blockchain technology and decentralized finance. The firm was arguably the first VC firm to "go all in" on the emerging DeFi ecosystem, with seminal early investments in multi-billion dollar protocols like Chainlink, Aave, Synthetix, and The Graph. The firm believes that crypto-native builders will create the next wave of valuable networks and applications, and they provide strategic capital combined with operational expertise to founders executing at the intersection of technology, protocol design, and real-world utility. Sector and Vertical Focus Framework Ventures invests across multiple verticals within blockchain and crypto: Primary Focus Areas: Decentralized Finance (DeFi) - lending protocols, derivative exchanges, capital formation Blockchain Infrastructure - consensus mechanisms, data availability, sequencers Stablecoins and Asset Tokenization - real-world asset (RWA) tokenization, stablecoin protocols AI and Machine Learning - particularly applied to blockchain and protocol optimization Web3 Gaming and Digital Goods - NFTs, in-game economies, gaming infrastructure L1 Blockchains and L2s - new consensus designs, scaling solutions The firm has evolved from its DeFi focus to become deeply involved in AI infrastructure, protocol-owned L2s, and real-world asset tokenization—areas where founders are applying crypto's unique capabilities to solve real problems. Stage Focus and Check Sizes Framework Ventures primarily invests at the seed and early-stage levels, with notable activity across multiple stages: Stage Preferences: Pre-Seed: Early protocol ideas and founding teams Seed: Working prototypes with initial community/testnet activity Series A: Product-market fit with meaningful user/liquidity metrics Occasional Series B+ follow-ons for existing portfolio companies Check Size Range: $250K - $40M Seed investments typically: $250K - $2M Series A follow-ons: $2M - $10M Larger strategic investments: $10M - $40M The firm leads early-stage rounds and maintains the flexibility to participate in larger rounds for proven performers. Lead Tendency Framework Ventures leads early-stage seed and Series A rounds. As a crypto-native firm with deep domain expertise, they frequently take a leading role in defining investment terms and participating actively on portfolio company cap tables. The firm also co-leads rounds with other quality investors and has strong conviction in their pattern recognition. Recent Investment Activity (2025-2026) Based on recent news and portfolio updates: Recent Investments: Plasma (Stablecoin) - February 2025, $24M (framework-led stablecoin protocol to launch its own blockchain) Obex - November 2025, $37M (real-world income/credit infrastructure protocol) Daylight Energy - October 2025, $75M (energy finance infrastructure) Crown - October 2025, $8.1M (seed) USD AI/Permian Labs - August 2025, $13.4M (AI applied to energy/blockchain) Konnex - January 2026 (business productivity software) Fund Status: Actively Deploying Framework is actively deploying from its Fund III ($400M, closed 2022). Recent activity shows aggressive capital deployment across DeFi, AI infrastructure, and real-world asset tokenization. Portfolio Highlights and Track Record Early DeFi Wins: Chainlink - Early investment, now a multi-billion dollar oracle protocol Aave - Early investor in leading lending protocol Synthetix - Early backer of synthetic assets protocol The Graph - Early investor in query layer infrastructure Current Active Portfolio (100+ companies): The portfolio spans DeFi, infrastructure, gaming, stablecoins/RWA, and emerging AI applications. Notable Portfolio Scale: 115+ investments as of November 2025 10 new investments in the last 12 months 72 lead investments Historical ROI: ~12.17x on listed projects Team and Decision-Making Leadership: Vance Spencer - Co-founder, former Netflix (Asia business lead), Monitor Deloitte analyst Michael Anderson - Co-founder, former Snapchat product manager, Dropbox monetization Investment Team: Roy Learner (Partner, crypto veteran since 2016), Brandon Potts (Partner, early Ethereum researcher), Rajiv Patel-O'Connor (Partner, former Coinbase engineer), Parker Edwards (Principal, Obex director). Decision Process: Partnership-driven with input from sector specialists. Major investments are discussed among the partnership, though individual partners often lead specific sector theses. Geographic Focus Primary Geography: San Francisco Bay Area (headquarters), with presence in major crypto hubs including NYC, Europe, and Asia. Founder Preferences: Technical founders with deep protocol design expertise Teams with meaningful traction (testnet users, protocol activity) Builders with unique insights into market structure Teams with strong community and network effects Investment Process Decision Timeline: 2-4 weeks for seed decisions Warm Intro Preference: Yes - prefers introductions from portfolio founders or trusted advisors Typical Involvement: Board seats for larger rounds, active strategic guidance on tokenomics and go-to-market, network introductions Fund Information Current Fund: Fund III, $400M (closed 2022) Total AUM: $1.4B+ across multiple funds Status: Actively deploying with strong institutional LP support