Next Frontier Capital

The firm was founded and is led by Will Price and Richard Harjes. The partnership structure suggests both principals sit on the investment committee for seed and Series A allocations. Founder testimonials on the firm's website name Will and Richard as the primary points of contact for portfolio CEOs making strategic decisions, indicating a concentrated decision-making model rather than a large partnership vote.

The firm sources through a geographic-concentration model centered on Montana, Utah, and Colorado. It maintains offices in Bozeman, Salt Lake City, and Boulder, and draws on relationships within regional startup communities, universities, and federal research labs. The thesis is that physical proximity generates proprietary access to founders who are outside the traditional coastal venture pipeline.

Next Frontier Capital operates as a sector-agnostic early-stage venture firm with a geographic mandate. It raises closed-end funds and makes direct equity investments in seed and Series A companies. The firm is not a family office and does not manage open-ended capital; it has a conventional GP-LP structure across four funds.

The firm participates in seed and early-stage rounds where it can act as a lead or co-lead investor. Portfolio-company testimonials indicate Next Frontier takes an active board or advisory role after investing. The firm does not publicly disclose a policy on check size or ownership targets, but its engagement model suggests hands-on governance rather than passive co-investment.

The firm does not list any explicitly excluded sectors, but its portfolio map shows no exposure to consumer goods, media and entertainment beyond gaming, or traditional healthcare services. The investment focus is concentrated in seven named sectors: AI and data, B2B software, climate, deep tech, fintech, defense tech, and cybersecurity.

Next Frontier Capital has not publicly disclosed a formal co-investment program for limited partners. The firm's primary activity is direct investment in portfolio companies from its main funds. Institutional LPs seeking co-investment exposure would need to inquire directly, as the partnership has not published sidecar or special-purpose-vehicle structures open to outside co-investors.

Next Frontier Capital has raised four sequential venture funds, with Fund I deploying starting in 2014 and Fund IV actively investing as of 2026. The fund family suggests a 10-year closed-end structure typical of venture partnerships. The firm has not disclosed fund sizes, return targets, or LP composition, but the portfolio page tracks each investment by fund vintage, confirming distinct vehicles rather than a single rolling pool of capital.