The crypto investment firm now has $1.4 billion in assets under management.
Framework was founded in 2019 by former Snapchat project manager Anderson and Vance Spencer, who also managed Netflix’s business operations in Japan. The capital for the Framework funds comes largely from a small set of institutional investors.
Framework was an early advocate of DeFi and has invested in several network projects such as oracle Chainlink, liquidity protocol Aave, data indexing protocol The Graph and liquidity provider Tokenmak. Framework is not new to the blockchain gaming space, having previously backed play-to-earn game developer Illuvium.
Crypto investment firm Framework Ventures has reached $1.4 billion in total assets under management after securing $400 million for its third venture capital fund.
Half of the capital will go towards investments in blockchain plays with Web 3 and decentralised finance (DeFi) as secondary areas of focus.
After emerging as one of the main beneficiaries of the DeFi boom in the summer of 2020, Framework’s new focus on blockchain gaming is quite remarkable.
Framework co-founder in past statements Michael Anderson said “We believe that Web 3 gaming is the sector that has the greatest growth potential within the blockchain industry overall”, also adding that:
“With over 3 billion gamers monthly, the video game industry has become the dominant form of media today, and if even a fraction of those gamers move into games that leverage blockchain, it would fundamentally transform the demographics of our industry.”
Last year, crypto venture funds hit new records after Andreessen Horowitz launched a $2.2bn fund and Paradigm countered with another $2.5bn fund. The pullback in digital assets in early 2022 has not faded the need for new funds, Sequoia Capital and Bain Capital recently committed nearly $600 million each to crypto investments.
Co-founder Vance Spencer added in past statements that: “We believe we are well positioned to outperform our competitors, including the Sand Hill set that is only now getting into crypto and Web 3”.
