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Framework Ventures
Vance Spencer and Michael Anderson’s Framework Ventures raised $400M for its third fund, backing DeFi, L1s, and AI-blockchain companies from San Francisco.
Framework Ventures
Framework Ventures is an SEC-registered investment adviser in San Francisco, CA, registered since 2021. The firm manages approximately $1.3 billion in regulatory assets. It has 14 employees and 7 investment advisers.
General information
Firm type
Venture Capital
Year founded
2019
AUM
Undisclosed
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Vance Spencer
Co-Founder
Michael Anderson
Co-Founder
Rajiv Patel-O'Connor
Partner
Adam Badrawi
Partner, Head of Investor Relations & Global Communications
Parker Edwards
Partner
Ryan Barney
Partner
Monique Horton
Chief Compliance Officer
John DiCerbo
Chief Financial Officer
Fred Neary
General Counsel
Boris Lindenau
Controller
Mitchell Wong
Finance Manager
Jessica Duncan
Executive Assistant to the Co-Founders
Arielle Ruiz
Office Manager
Sector focus
Frequently asked questions
Who runs investment decisions at Framework Ventures?
Co-founders Vance Spencer and Michael Anderson set the firm’s strategy, joined by Partners Rajiv Patel-O’Connor, Parker Edwards, and Ryan Barney. The five partners source, diligence, and manage investments across the portfolio. Barney joined in 2024 from Pantera Capital, where he had invested in crypto-fintech convergence companies.
How does Framework Ventures source proprietary deal flow?
The firm operates as a team of former operators and protocol builders: Co-Founder Michael Anderson built monetization at Snapchat and Dropbox; Partner Rajiv Patel-O’Connor was an engineer at Coinbase; Ryan Barney ran a crypto practice at Pantera and BCG before that. They leverage that network to access founders building in DeFi, infrastructure, and AI before projects reach wider institutional visibility.
Is Framework Ventures structured as a family office or does it operate like a venture firm?
Framework Ventures is a venture capital firm managing third-party capital from limited partners alongside partner commitments. It is not a family office. The firm has raised at least three funds, with Fund III closing at $400 million.
Does Framework Ventures participate in fund commitments or only direct deals?
The firm deploys directly into both equity rounds and liquid token positions from the same fund vehicle. It does not operate a separate fund-of-funds program or allocate to external managers as a primary strategy. Each investment is a direct stake in a company or a protocol.
What investment stages does Framework Ventures typically target?
Framework concentrates on early-stage rounds, leading deals typically sized between $5 million and $40 million. The firm also maintains positions through later growth phases when it has led the initial round, but it does not run a dedicated growth-stage or buyout practice.
Which sectors does Framework Ventures explicitly avoid?
The firm has not publicly disclosed a list of excluded sectors. Its visible portfolio suggests a strict focus on blockchain-related technology to the exclusion of traditional biotech, hardware, consumer goods, or non-crypto fintech.
What is Framework Ventures’ posture on co-investments alongside external GPs?
Framework typically leads rounds rather than joining syndicates. The firm’s website and public materials do not advertise a co-investment program for outside institutions, implying a preference for setting terms directly with founders rather than participating passively alongside other lead investors.
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