Framework Ventures

Framework Ventures is a leading crypto-native venture capital firm founded in 2019 by Vance Spencer and Michael Anderson (formerly Netflix and Snapchat). With $500M+ AUM across two funds ($100M and $400M), Framework takes a high-conviction approach to early-stage crypto investing, focusing on DeFi, gaming, AI, and infrastructure.

Based in San Francisco, Framework typically leads rounds with check sizes ranging from $250K to $40M. The firm is known for its hands-on approach, building alongside founders rather than passively investing. Framework's portfolio includes category-defining projects in stablecoins, DeFi protocols, decentralized energy, and AI training data platforms.

For ZHC builders, Framework offers deep crypto expertise, strong network effects within the ecosystem, and patient capital for long development cycles. The firm emphasizes technical founders with intrinsic motivation and 5-10 year horizons over hype-driven narratives. Recent investments include Daylight ($75M decentralized energy), Crown ($8.1M Brazilian real stablecoin), USD.AI ($13.4M AI infrastructure stablecoin), and Perle Labs ($9M AI training data).

Investment Focus 2025-2026:

• Stablecoins & Yield - Institutional-grade infrastructure, yield-generating stablecoins (Obex incubator launched with $37M)
• DeFi Primitives - Next-generation financial protocols, perpetual futures expansion
• AI x Crypto - Training data platforms, compute financing, AI infrastructure
• Real-World Assets - Tokenization of energy, commodities, financial instruments
• Infrastructure - Scalability, interoperability, developer tools

Investment Stage & Size

• Primary Focus: Early-stage (Seed, Series A)
• Check Size: $250K - $40M
• Lead Investor: Frequently leads rounds
• Follow-On: Strong track record of supporting winners in later rounds
• Token Investments: Both equity and token purchases

Company Profile

• Stage: Pre-product to early revenue
• Team: Technical founders with crypto-native experience preferred
• Market: Large addressable markets with clear crypto advantages
• Traction: Shipped code > presentations; testnet/mainnet launches valued
• Vision: 5-10 year commitment to category creation

Sector Alignment

High Priority (2025-2026):

• Stablecoin infrastructure and yield products
• DeFi protocols with novel primitives
• AI infrastructure and training data platforms
• Decentralized physical infrastructure (DePIN)
• Energy finance and climate tech
• Cross-chain interoperability
• Developer tooling and SDKs

Active Interest:

• Gaming and NFT infrastructure
• Prediction markets and information markets
• Identity and reputation systems
• Privacy-preserving technologies

Lower Priority:

• Pure consumer apps without token mechanics
• Late-stage growth equity (unless existing portfolio)
• Non-crypto AI companies
• Traditional fintech without blockchain

ZHC-Specific Fit

✅ Excellent for:

• DeFi protocols with institutional potential
• Stablecoin innovations and yield products
• AI x crypto convergence projects
• Infrastructure requiring patient capital
• Teams with technical depth and crypto experience
• Projects addressing real liquidity/capital problems
• Energy and climate tech with tokenomics

❌ Poor fit if:

• Consumer-only focus without B2B potential
• No clear crypto-native advantage
• Short-term speculation vs long-term building
• Unclear token utility or value accrual
• Team lacks crypto market understanding

Getting in Front of Framework

1. Warm Introduction (Strongly Preferred)

• Portfolio company founder referral
• Crypto ecosystem connector (other VCs, protocols)
• Industry conference introductions
• Y Combinator or accelerator connections
• Cold outreach rarely successful

2. Initial Outreach

• Email to partners: vance@framework.ventures, michael@framework.ventures
• Include: One-line value prop, team background, traction metrics, deck link
• Keep initial email under 150 words
• Technical depth matters more than business jargon
• Show shipped product or testnet link

3. First Meeting

• 30-45 minute initial call
• Technical deep dive expected
• Questions on: Architecture, token design, go-to-market, competition
• Bring technical co-founder to call
• Be prepared to discuss tokenomics in detail

4. Due Diligence Process

• Technical: Code review, architecture assessment, security considerations
• Market: TAM analysis, competitive landscape, adoption strategy
• Team: Background checks, reference calls with previous colleagues
• Token Economics: Value accrual, distribution, governance
• Legal: Entity structure, regulatory considerations, IP
• Timeline: 2-8 weeks depending on complexity

5. Partnership & Investment

• Term sheet negotiation (typically lead or co-lead terms)
• Board seat often included for larger investments
• Active involvement post-investment
• Regular strategic sessions and introductions
• Help with follow-on fundraising

What Framework Looks For

Founders:

• "Missionaries, not mercenaries" (Vance Spencer's phrase)
• Intrinsic motivation to solve the problem
• Willingness to commit 5-10 years
• Technical depth in blockchain/crypto
• Ability to attract top-tier talent

Product:

• Clear crypto-native advantage over traditional solutions
• Novel approach to known problems
• Defensibility through network effects or technical moats
• Realistic path to liquidity and adoption

Market:

• Large addressable market (>$1B potential)
• Timing advantages (infrastructure ready, market mature)
• Clear user demand signals
• Institutional interest potential

Execution:

• Shipped code or active testnet
• Community engagement and developer adoption
• Thoughtful tokenomics and governance
• Regulatory awareness and strategy

Timeline Expectations

• Initial response: 1-2 weeks if warm intro, longer if cold
• First meeting to term sheet: 4-8 weeks
• Due diligence: 2-4 weeks
• Closing: 2-4 weeks
• Total process: 2-4 months typical

Framework Ventures

• Website: framework.ventures
• Twitter: @fw
• LinkedIn: linkedin.com/company/framework-ventures

Key Partners

• Vance Spencer - Co-Founder
  • Email: vance@framework.ventures
  • Twitter: @pythianism
• Michael Anderson - Co-Founder
  • Email: michael@framework.ventures
  • Twitter: @metamike
• Roy Learner - Partner
• Andrew Tan - Partner (joined Dec 2025)

Office

• San Francisco, California (HQ)
• Primarily remote-friendly team

Portfolio Highlights

• Daylight - Decentralized energy network
• Crown - Brazilian real stablecoin
• USD.AI - Yield-bearing stablecoin for AI
• Perle Labs - AI training data platform
• Obex - Stablecoin incubator (Framework-led)
• Hyperliquid - Decentralized perpetuals exchange
• Synthetix - Derivatives protocol
• Chainlink - Oracle network

Media & Resources

• Investment Announcements
• Podcast appearances on Bankless, Unchained, Bell Curve
• Regular market commentary on Twitter
• Portfolio company showcase events