Framework Ventures Management, a U.S.-registered venture capital fund, Tuesday (April 19) announced in a blog post that it has completed the raising of $400 million for fund FVIII.
The oversubscribed fund will invest in early-stage blockchain gaming, Web3, and DeFi startups and networks, the announcement said. DeFi is short for decentralized finance and refers to systems of peer-to-peer financial transactions, usually using the Ethereum blockchain.
The company further states in the blogpost that its third fund is based on the conclusion that the marketplace for consumer blockchain applications is poised to grow substantially.
We have deep conviction that the products being built today are the ones that will open the floodgates to billions of new users over the next decade and become the next software leaders, the post states. It has taken almost 10 years of technology maturation, iteration, and failure to get blockchains ready for their consumer moment, but we believe it is now here.
Part of that progress is the improvement of digital wallets to the point that more than 1 billion people will be able to use them, the blog post states.
See also: VC Firm White Star Capital Launches $120M Web3 Fund
Framework says it now has a staff of 22, including seven people who work in investments. The rest of the team is mostly engineers, focused on running infrastructure, staking and participating in DeFi markets, the blog post said.
Framework launched in August 2019. The company stated at the time: We believe blockchain technology and the decentralized web represent the next major paradigm of computational technology. Earlier technological highlights included, according to the company: mainframe computers; PCs; client-server architectures; cloud computing; and mobile computing, in that order.