# Next Frontier Capital

Next Frontier Capital is a Private Equity based in Bozeman, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Bozeman, United States
- **Region:** North America
- **Address:** Bozeman, MT, United States
- **Founded:** 2015
- **Assets under management:** Undisclosed
- **Website:** www.nextfrontiercapital.com
- **LinkedIn:** https://www.linkedin.com/company/next-frontier-capital

## Regulatory record

- **CRD number:** 221524
- **SEC file number:** 802-121098
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/221524

## About

Next Frontier Capital is an early-stage venture capital firm investing nationally, with a distributed team across three offices in Bozeman, MT; Boulder, CO; and Salt Lake City, UT. It leads Seed through Series A rounds across four areas: Enterprise Intelligence (AI infrastructure and applications, dev tools, data, workflow automation), Financial Systems (WealthTech, lending, capital markets, compliance, banking infrastructure), National Security (cybersecurity, GovTech, defense, threat intelligence, identity), and Critical Infrastructure (energy, logistics, compute, photonics, industrial automation). It does not invest in Healthcare IT, MedTech, BioTech, Crypto, Consumer SaaS, Social Networks, AdTech, or CPG.

## Sectors

- AI/ML
- B2B Software
- ClimateTech
- Defense Tech
- Cybersecurity
- FinTech
- Deep Tech

## Offices

- Salt Lake City, UT
- Boulder, CO

## People

- Richard Harjes — Co-Founder & General Partner
- Will Price — Co-Founder & General Partner
- Les Craig — General Partner

## Questions

### How does Next Frontier Capital source deal flow?

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.

### Which sectors does Next Frontier Capital explicitly avoid?

Next Frontier Capital does not invest in Healthcare IT, MedTech, BioTech, Crypto, Consumer SaaS, Social Networks, AdTech, or CPG. Its focus concentrates in four areas: Enterprise Intelligence, Financial Systems, National Security, and Critical Infrastructure, spanning seven named sectors: AI/Data, B2B Software, Climate, Deep Tech, FinTech, Defense Tech, and Cybersecurity.

## Related profiles

- [Nexterra Capital](https://altss.com/profile/nexterra-capital)
- [NexTFund Capital](https://altss.com/profile/nextfund-capital)

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Last updated: 2026-09-02T21:20:24.031Z

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