Next Frontier Capital, a Bozeman, Montana-based venture capital firm, held the first close of Fund II, at $22m.
Fund II aims to raise $30m.
Led by Will Price, Founder and General Partner, Richard Harjes, General Partner, Next Frontier Capital focuses on investing in entrepreneurs building Montana technology companies of national impact, utility and value.
Founded in 2015, the firm is backed by a pool of investors, endowments, foundations, and executives from the world’s top technology and financial firms.
Fund I has invested $10m in 10 companies including SiteOne Therapeutics, Submittable, Clearas, Quiq, Orbital Shift, IronCore Labs, Phoenix Labs, Blackmore Sensors, OppSource, and Remix Labs. The balance of Fund I is reserved for follow-on investments in the current portfolio.