Framework Ventures to invest half of $400 million fund into blockchain gaming
One of the largest venture firms in the crypto industry is ready to invest around $200 million in the blockchain gaming scene.
Framework Ventures, an investment firm focused on all things crypto, has decided to use its newly-raised $400m to invest in innovative crypto companies. The funding was raised in the venture firm’s third funding round called “FVIII”, which ended up being oversubscribed.
The startups the notable venture capitalist will fund are the ones diving into DeFi (decentralized finance), Web3, and blockchain gaming. About $200 million from Framework Ventures’ recent capital raise will be heading to the crypto gaming industry.
Co-founder of Framework Ventures, Vance Spencer, said the following:
“We believe we have pioneered a new style of crypto investing, and we have and intend to deploy it aggressively across other major verticals in the blockchain industry.”
“Founders understand our cultural influence in the space because our affiliate, Framework Labs, has spent the last three years building alongside them, running nodes, participating in on-chain governance, building tools, staking and more. As a result, we believe we’re well-positioned to outperform our competitors, including the Sand Hill set that is only now coming into crypto and web3. Each new technology asset class creates new VCs that help upend the status quo, and Framework is one of them.”
Based in San Francisco, Framework Ventures is one of the earliest VCs to invest in DeFi, financing crypto projects such as Chainlink, The Graph , Tokemak, Aave and more. When it comes to gaming, their most noteworthy investment is Illuvium, an open-world NFT autobattler built by a team of AAA developers on the Ethereum blockchain. As of writing, Framework is one of the largest investment firms in the crypto industry, managing about $1.4 billion worth of assets.