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Next Frontier Capital
Next Frontier Capital bets on Montana startups — Will Price and Richard Harjes's Bozeman-based VC has backed Submittable, OnX Maps, and Pulsara since 2015.
Next Frontier Capital
Co-founders Will Price and Richard Harjes established Next Frontier Capital in 2015, formalizing a thesis that Montana's combination of PhD-heavy research universities, lower operating costs, and isolation from coastal hype cycles creates a mispriced asset class for venture. The firm operates from Bozeman and Missoula, deliberately embedding its partnership within Montana's two largest innovation corridors rather than maintaining a satellite presence from a coastal hub. Les Craig joined as a General Partner, bringing operational experience from scaling technical companies in rural markets. Next Frontier Capital targets seed and Series A rounds in B2B software, artificial intelligence, digital health, climate technology, and select deep tech applications. The fund maintains a concentrated portfolio strategy, taking board seats and actively recruiting executive talent to portfolio companies. The firm has backed OnX Maps, a digital cartography company serving outdoor recreation and government clients; Submittable, a Missoula-based grant-management and social-impact platform that has processed over 25 million applications; and Orbital Shift, a workforce-management SaaS business. Geographically, the firm invests across Montana, Idaho, Wyoming, and the broader Intermountain West, with select deals in secondary markets that share similar demographic and cost-structure profiles. The firm raised subsequent funds, with Fund III reportedly targeting between $50 million and $85 million, though final closes are not publicly disclosed. Next Frontier Capital does not divulge total assets under management or aggregate deployment figures. The partnership includes a network of limited partners drawn from Montana's ranching families, technology executives who own second homes in the region, and institutional investors comfortable with geographic concentration risk. The firm also operates the Next Frontier Capital Angel Fund, a vehicle designed to syndicate accredited individuals into pre-seed rounds alongside the main fund, broadening the capital base for very-early-stage founders in the region. Next Frontier Capital's structural differentiator is not simply its geography but its insistence that the region's founder pool is under-scouted rather than under-capable. By refusing to require portfolio companies to relocate to San Francisco or Salt Lake City, the firm captures founders who would otherwise exit to coastal accelerators, retaining ownership stakes in companies that benefit from materially lower burn rates while accessing the same national customer markets through remote sales motion. This model combines the concentrated engagement of a micro-VC with a territorial mandate closer to a sovereign wealth fund's domestic-development logic.
General information
Firm type
Asset Manager
Year founded
2015
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Bozeman
Corporate office
Bozeman, MT, United States
Additional offices
Missoula, MT
Principals
Richard Harjes
Co-Founder & General Partner
Will Price
Co-Founder & General Partner
Les Craig
General Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Next Frontier Capital?
Co-founders Will Price and Richard Harjes serve as General Partners and make investment decisions alongside General Partner Les Craig. Price previously held venture roles at Hummer Winblad Venture Partners and brought deep software investing experience to the Montana market. The three GPs collectively decide on new platform investments, with follow-on decisions determined by board engagement and milestones achieved.
Does Next Frontier Capital require portfolio companies to relocate to a coastal hub?
No. The firm's explicit thesis is that Montana and Intermountain West companies can scale to national markets without relocating headquarters. Next Frontier Capital actively recruits executives willing to work from Montana or operate remote-first sales organizations. The firm views relocation requirements as value-destructive to the regional ecosystem it is building and to the low-burn advantages its portfolio companies maintain.
What investment stages does Next Frontier Capital target?
The firm focuses on seed and Series A rounds, typically leading or co-leading rounds between $500,000 and $5 million. Through its affiliated Angel Fund, the partnership also participates in pre-seed rounds alongside individual accredited investors. Next Frontier Capital does not pursue growth-stage or late-stage venture opportunities, maintaining a deliberate early-stage posture to capture maximum ownership at formation.
Which sectors does Next Frontier Capital explicitly avoid?
The firm does not invest in consumer hardware, retail, hospitality, or pure-play e-commerce companies. While some portfolio companies serve consumer end-markets through enterprise customers, Next Frontier Capital's investment memo process explicitly filters for B2B revenue models with recurring or contract-based revenue streams. The firm has also publicly stated it does not invest in cryptocurrency or blockchain infrastructure.
How does Next Frontier Capital source deals differently from coastal venture firms?
The partnership sources deals through Montana State University and University of Montana research-commercialization offices, regional angel networks including the Montana High Tech Business Alliance, and relationships with attorneys and accountants serving family-owned businesses transitioning into technology. The firm also receives inbound referrals from founders who prefer a locally based lead investor rather than flying coastal partners in for board meetings. This network is difficult for non-resident funds to replicate at comparable cost.
Does Next Frontier Capital participate in fund commitments or only direct deals?
Next Frontier Capital invests directly into operating companies through its main fund and affiliated Angel Fund. The firm does not operate as a fund-of-funds and has not publicly disclosed commitments into other venture capital firms as limited partners. Its model is built on active board participation rather than passive LP positions, reflecting the concentrated engagement required to support portfolio companies in smaller markets.
Is Next Frontier Capital structured as a family office or a venture capital firm?
Next Frontier Capital operates as a traditional venture capital firm with external limited partners, not as a family office. The firm's LP base includes Montana families, technology executives, and institutional investors, but the partnership itself is institutionally structured with a management company, carried interest, and fund vehicles open to qualified external investors — distinct from single-family or multi-family office models.
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