Next Frontier Capital
UnclaimedAt a Glance
- Check Size
- $250K – $3M
- Stage
- Seed, Series A
- AUM
- $100M+
- Sectors
- Enterprise, Consumer, AI
- Founded
- 2015
- HQ
- Bozeman, MT
About Next Frontier Capital
Next Frontier Capital was founded in 2015 with a mission to support exceptional entrepreneurs in the often-overlooked markets of the American West. Based in Bozeman, Montana, the firm has established itself as a leading voice for venture capital investment across the Rocky Mountain region and beyond, recognizing the untapped potential in these emerging tech ecosystems.
The firm focuses on early-stage technology companies, particularly in enterprise software, consumer applications, and artificial intelligence. Next Frontier's investment approach centers on identifying founders who are building scalable solutions while leveraging the unique advantages of operating outside traditional coastal tech hubs. Their thesis emphasizes that great companies can emerge from anywhere, and that geographic diversity in venture capital leads to better outcomes.
Next Frontier's portfolio demonstrates their ability to identify promising companies in diverse sectors. Notable investments include Submittable, a submission management platform that has become essential infrastructure for organizations worldwide, onX Maps, which has revolutionized outdoor recreation through GPS mapping technology, and Schedulicity, an online scheduling platform that was successfully acquired.
What distinguishes Next Frontier is their deep commitment to the Rocky Mountain region and their understanding of how location can be a competitive advantage rather than a disadvantage. They provide not just capital but strategic guidance to help portfolio companies scale while maintaining their operational advantages.
Investment Thesis
“Invests in exceptional founders in overlooked markets across the American West.”
Leadership Team
Will Price is founder and managing partner, and moved to Montana after fifteen years in Silicon Valley, where his family has roots dating to the 1850s. He was chief executive of Flite, an advertising and analytics platform acquired by Snap in 2016, and before that a managing director at Hummer Winblad Venture Partners and a software investor at Pequot Capital, having started in investment banking at Morgan Stanley across New York, Hong Kong and Southeast Asia. He studied at Harvard College, took Mandarin at Nanjing University and earned an MBA from Northwestern's Kellogg School.
The partnership now spans three states: Richard Harjes, Les Craig, Scott Holton and Mandy Culver in Bozeman, Franz Kofler in Salt Lake City, and Kirsten Suddath and Erika Nash in Boulder. That spread is the sourcing model, placing partners inside each Rocky Mountain tech community rather than flying in from a single hub.
Sector Focus
Investment Stage
Notable Portfolio Companies
Fund History
- Will Price founded Next Frontier Capital in Bozeman in 2015 and announced an initial close on a $20 million debut fund that May, pitched explicitly as capital for Montana's next generation of job creators.
- The firm has since raised four funds, growing to an $80 million third fund and a $102 million Fund IV, a 2023 vintage that is now closed and deploying across six primary sectors including artificial intelligence and data and cybersecurity.
- The trajectory, from $20 million to $102 million in under a decade, tracks the broader maturation of Rocky Mountain venture capital, and Next Frontier has expanded its footprint accordingly, adding Missoula, Salt Lake City and Boulder alongside Bozeman.
- Fund sizes stay modest by coastal standards by design: the firm leads seed and Series A rounds in markets where entry valuations are lower, so a smaller fund still buys meaningful ownership.
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Frequently Asked Questions
What stage does Next Frontier Capital invest at?
Next Frontier Capital primarily invests at the Seed, Series A stages. This means they focus on companies that are building their initial product and finding product-market fit.
Where is Next Frontier Capital located?
Next Frontier Capital is headquartered in Bozeman, MT. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does Next Frontier Capital focus on?
Next Frontier Capital focuses on investments in Enterprise, Consumer, AI. Their portfolio reflects deep expertise and networks within these sectors.
What is Next Frontier Capital's typical check size?
Next Frontier Capital's typical investment check size ranges from $250K to $3M. Actual amounts may vary based on the stage, sector, and specific opportunity.
How much does Next Frontier Capital have under management?
Next Frontier Capital manages approximately $100M+ in assets under management (AUM) across their funds.
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