Framework Ventures, a enterprise capital firm that backs crypto platforms, has closed its fourth fund whereas increasing its funding technique past blockchain.
The San Francisco-based investor has raised $400 million to focus on “frontier expertise,” together with investments in crypto and applied sciences reminiscent of synthetic intelligence, robotics and vitality, Fortune reported on Friday.
The report cited Framework co-founders Vance Spencer and Michael Anderson, who stated about half of the capital has already been deployed however declined to establish the fund’s restricted companions.
The elevate displays a broader push by crypto enterprise corporations to broaden past blockchain into different rising applied sciences whereas persevering with to put money into crypto.
Not a shift away from crypto
Framework co-founder Anderson stated the corporate is just not merely chasing the AI development, however as a substitute following the place its current community of founders is already constructing.
“We are able to see these founders main us on this route,” he stated, including:
We must always concentrate.”
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The corporate backed the robotics information startup Mecka AI in a $60 million spherical in early June. In February, Framework additionally partnered with mortgage lender Higher to supply as much as $500 million in financing by way of the Sky stablecoin ecosystem. Individually, Framework took a $45 million stake in Higher, representing roughly 10% of its inventory, in line with Fortune.
Supply: Framework Ventures
Cointelegraph approached Framework for particulars relating to the newest fund, however didn’t obtain a response on the time of publication.
Framework’s portfolio consists of Hyperliquid, Plasma and Aave
Framework Ventures was based in 2019, when it launched its first crypto fund, specializing in backing early decentralized finance (DeFi) initiatives.
Its portfolio consists of main crypto platforms reminiscent of Aave, Chainlink, Hyperliquid, Jito Labs and Plasma, in line with the corporate’s web site.
Framework Ventures’ portfolio. Supply: Framework Ventures
The corporate says it has invested throughout a number of market cycles, specializing in founders constructing infrastructure and merchandise in rising digital asset markets.
Framework raised a $100 million second fund in 2021 and a $400 million third fund in 2022, each targeted totally on crypto investments.
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