Venture fund Framework Ventures has announced a $100 million closeout of its second fundraising round (“Fund 2”).
Framework Ventures is a team of technologists, researchers and investors who buy assets of, who build for, and who participate in open crypto networks. At its core, Framework is a technology company, building products and services to support the open blockchain networks that they invest in. The firm has backed several notable companies in the decentralized finance space, including Synthetix and Chainlink.
The close of Fund 2 comes as the interest in the DeFi applications of last summer continues to grow exponentially, especially as more traditional financial entities have begun to turn their eyes toward decentralized technologies.
Michael Anderson and Vance Spencer, Framework’s co-founders, cited this new development in the industry as yet more validation for the venture fund’s overall vision to help build out this emergent industry into one that ultimately experiences widespread adoption among both retail and institutional users. In addition to closing out Fund 2, Framework has expanded its team through C-suite position hiring and has already begun to invest in cutting-edge projects, including the NFT-focused gaming platform, Illuvium, and an institutional-lending DeFi protocol, Maple Finance. Both of those projects received support from the Fund 2 raise.
“Framework is proud to have played a role in helping to build out the DeFi industry from just $600 million in January of last year to $84 billion in TVL today, and we’re also proud to have played this role in a critically important industry that others have wrongly regarded as little more than a craze,” said Vance Spencer, co-founder. “And now, with Fund 2, our goal is to put our heads down and continue focusing on helping to build out more of these hugely beneficial technologies. Indeed, with institutional interest growing in the kind of projects that we support, it is becoming clearer by the day just how important decentralized finance will soon become to our everyday lives.”
Framework’s Fund 2 presents the VC with the opportunity to expand upon its usual investment prospects. The funds raised will support a number of DeFi protocols and tokens, and centralized projects experimenting on DeFi blockchains and with DeFi services. However, the co-founders have a sweet spot for investing in fringe areas of decentralized tech — the fund aims to delve deeper into more exploratory projects, including the NFT realm and gaming, that push the limits of creativity and user experience possible on a blockchain.
“In the early days of our crypto careers, Vance and I founded Hashletes, which were officially licensed NFL tokens and somewhat of a predecessor to the NFTs that have now caught the world by storm,” said co-founder Michael Anderson. “We knew we had a solid idea that would take the old-school sports trading cards to the next level. We were ahead of the curve and this forward-thinking outlook quickly became a foundation of what Framework Ventures is today. With Fund 2 now, and the growth of the DeFi industry over the past year, Framework is ready to support even more cutting-edge projects.”
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