Next Frontier Capital
Venture capitalBozeman · Seed–Series A · 9 people tracked
Also known as NEXT FRONTIER CAPITAL MC, LLC
Investment thesis
Next Frontier Capital invests in what it knows, focusing on AI and data analytics, climate technology, deep tech, B2B SaaS, fintech, defense technology, and cybersecurity. Founded by prior operators, the firm emphasizes owner/operator expertise, offering founders hands-on mentorship, customer introductions, recruiting help, and strategic guidance. It positions itself as a values-driven partner distinguished by relationships, integrity, and deep involvement with portfolio companies from early stages through exit.
Source: firm website, verified Aug 3, 2026.
Team · 9 people
from the firm's website & public directories
What they invest in
from 53 of 68 portfolio companiesEnterprise Software ×27AI & Machine Learning ×25SaaS ×24Cybersecurity ×9Developer Tools ×7Cloud Computing ×6Data & Infrastructure ×6Marketing Tech ×6
HQs:United States×39
Investments · 68 tracked
founders shown can be your intro pathBellevue, US
Kirsten Suddath(Director)Jaclyn Hester(Director)Lumay Murphy(Executive Officer)Sarah Adler(Director)Sarah Peregrine Lord(Founder)NICOLAS BERTAGNOLLI(Executive Officer)
Board seatKirsten Suddath· per SEC Form D · $10M raise · filed Mar 2025
Bozeman, US
Les Craig(Director)Sam Lucas(Executive Officer, Director)Paul Burton(Executive Officer, Director)Richard Harjes(Director)
Board seatLes Craig· per SEC Form D · $2.3M raise · filed Jul 2020
401GO provides 401(k) plan administration and record-keeping services for small businesses, offering a curated selection of investment funds across bonds, equities, target-date portfolios, and sector-focused options.
FintechHR TechSaaSWest Jorden, US
Dan Beck(Executive Officer, Director)inNate Beck(Director)inJared PorterinChristian Lassonde(Director)
Advisr provides a sales operating system that integrates with existing software to automate sales workflows, proposal generation, and revenue intelligence.
Enterprise SoftwareSaaSSales TechNew York, US
Enrique Nagle(Executive Officer, Director)Jesse Rohland(Executive Officer, Director)Paul Olliver(Director)Walter McCormack(Director)Peter Fernquist(Executive Officer, Director)
Mimecast provides a platform for securing humans, data, and AI within organizations.
AI & Machine LearningCloud ComputingCybersecurityEnterprise SoftwareArlington, US
Ranjan Singh(CEO)Michael Madon(Executive Officer, Director)Adam Fletcher(Director)Randy Altschuler(Director)Timothy Jackson(Executive Officer)
BioSqueeze develops well integrity solutions for the oil and gas industry, using biomineralization technology to seal cement gaps and leaks in wells.
Deep TechEnergyButte, US
Latham Turner(Director)Mark Ranalli(Executive Officer, Director)
Blocky provides infrastructure for creating trustworthy applications by running WebAssembly functions in Trusted Execution Environments and generating cryptographic attestations over data and computations.
AI & Machine LearningCloud ComputingDeveloper ToolsBozeman, US
David Millman(Executive Officer, Director)Jonathan Taylor Heinecke(Executive Officer, Director)Mike Wittie(Executive Officer, Director)
Quiq provides an AI agent platform that enables enterprises to build, customize, and deploy conversational agents across customer journey touchpoints.
AI & Machine LearningEnterprise SoftwareSaaSMontana, US
Bridger Photonics develops Gas Mapping LiDAR technology and analytics to detect and measure methane emissions from oil and gas operations, helping operators reduce emissions, cut costs, and meet regulatory requirements.
Climate TechDeep TechEnergyBozeman, US
Pete Roos(Co-founder, Chief Innovation Officer)
Claravine provides a SaaS platform that enforces consistent data standards and taxonomy across digital marketing operations for enterprise brands and agencies.
Data & InfrastructureEnterprise SoftwareMarketing TechProvo, US
Verl Allen(Chief Executive Officer)Justin Shepard(Chief Operating Officer and Chief Financial Officer)Bernard Kiyanda(Chief Technology and Product Officer)Scott Bennett(Chief Revenue Officer)Anne Murlowski(VP of Marketing)Dan Bowes(VP of Enterprise Transformation & Customer Enablement)
Missoula, US
Jordan Lind(Executive Officer, Director)Thomas Wenz(Executive Officer)Craig Hurlbert(Executive Officer, Director)Art Umble(Director)Travis Joyner(Executive Officer, Director)Steve Rector(Director)
Salt Lake City, US
Aaron DeRose(Director)Thomas Compagno(Executive Officer, Director)Rilee Buttars(Executive Officer, Director, Promoter)Serene Papenfuss(Director)Thomas Currit(Executive Officer)Owen Fuller(Director)
Dreadnode builds infrastructure for deploying AI-powered security agents at scale, serving security teams and operators who need to operationalize artificial intelligence for offensive and defensive security operations.
AI & Machine LearningCybersecurityDeveloper ToolsEnterprise Software
Will Pearce(CEO and Co-Founder)in
EveryoneSocial provides analytics and audience insights for company social media posts, showing which audiences are reached and comparing performance across company, executive, and staff accounts.
Enterprise SoftwareMarketing TechSaaSSocialSalt Lake City, US
Freeplay provides a platform for software product development teams to build and maintain generative AI products using best practices in experimentation, iteration, and data management.
AI & Machine LearningDeveloper ToolsEnterprise Software
GetWhys enriches AI content generation and go-to-market tools with insights from real buyer interviews to validate messaging and campaigns.
AI & Machine LearningMarketing TechBoise, US
Philippe Boutros(CEO, President, Secretary)Viet Phan(Chief Technology Officer)Tyler Honsinger(Chief Product Officer)
BoardJohn Garrett(Director)David Bluestone(Director)
Gravwell is a security data platform that collects, stores, and analyzes unstructured logs and large data volumes in raw format without enforcing predefined schemas.
CybersecurityData & InfrastructureEnterprise Software
Atlassian offers Teamwork Collection, a suite of connected cloud-based collaboration tools including Jira, Confluence, Loom, and AI agents that help organizations align work to goals, manage projects, and share knowledge across teams.
Developer ToolsEnterprise SoftwareFuture of WorkSaaS<UNKNOWN>
Hoonify develops software that makes high-performance computing and machine learning accessible to teams without specialized expertise.
AI & Machine LearningCloud ComputingDeveloper ToolsEnterprise SoftwareAlbuquerque, US
John Zivnuska(Executive Officer)Victor Kuhns(Executive Officer, Director)Andrew Clark(Executive Officer, Director)Taylor Hurst(Director)Paul Schwake(Director)Will Price(Director)
IronCore Labs provides application-layer encryption tools for engineering teams building AI applications and multi-tenant SaaS on sensitive data.
AI & Machine LearningCybersecurityDeveloper ToolsBoulder, US
Judson Valeski(Director)Patrick Walsh(Executive Officer, Director, Promoter)Robert Hall(Executive Officer, Promoter)
BoardRichard Harjes(Director)
Climate; invested in 2022 from Fund III
Lumenad is a digital advertising and media management company providing managed media services and cross-channel campaign data solutions for organizations of all sizes.
AdTechMarketing Tech
MeatEater is an outdoor lifestyle company that creates premium content, apparel, and equipment for hunters and outdoor enthusiasts.
ConsumerCreator EconomyMedia & EntertainmentBozeman, US
Steven Rinella(Founder)
MonetizeNow provides a unified platform combining configure-price-quote (CPQ), billing, and metering capabilities for SaaS businesses.
Enterprise SoftwareFintechSaaS
Sandeep(Founder / CEO)
Mpathic provides red-teaming and model safety evaluation services for conversational AI systems, using a curated network of over 5,000 licensed U.S.-based clinical experts including psychologists, psychiatrists, and social workers to surface harms, test for bias and misinformation, and design evaluation frameworks.
AI & Machine LearningCybersecurityDigital HealthEnterprise SoftwareMental Health
onX develops navigation and mapping apps (onX Hunt, onX Offroad, onX Backcountry) for outdoor recreation enthusiasts to explore and navigate public lands with detailed maps and location data.
AgTechConsumerTravel & HospitalityMontana, US
Eric Siegfried(Founder)Jason Mittelstaedt(Director)Josh Spitzer(Executive Officer)Greg Goldfarb(Director)
OptioSurgical provides a data management platform for surgical implants used in hospitals and surgery centers, enabling reconciliation of implant records from charge sheets to purchase orders across specialties including orthopedics, spine, and cardiothoracic surgery.
Data & InfrastructureEnterprise SoftwareHealthtech<UNKNOWN>, US
Joshua Gorman(Director)John Skinner(Director)Ryan Mughal(Executive Officer, Director, Promoter)
Orbital Shift provides staff scheduling and employee time clock management software for businesses to create schedules, track employee hours, and reduce labor costs.
HR TechSaaSMissoula, US
Allan Skogen(Secretary)Kevin O'Reilly(Chief Executive Officer and President)William Price(Director)
PatientOne provides a remote patient monitoring solution for healthcare providers and organizations focused on value-based care delivery.
Digital HealthHealthtechSaaSMissoula, US
Mike Waters(Director)Erik Guzik(Executive Officer)John Jenkins(Director)Jeff Fee(Executive Officer, Director, Promoter)
PHX Labs creates digital worlds and platforms that enable players and communities to share interactive stories and narratives.
Creator EconomyGaming
Poly provides an integration platform and solutions engineering services for hospitality, food and beverage, and retail businesses.
Enterprise SoftwareSaaSErie, US
Darko Vukovic(Executive Officer, Director)Jake Dreyfuss(Executive Officer, Director)
BoardMelissa Lester(Director)Garrett Leach(Director)
Remix is a platform that uses AI to create personalized digital experiences by unifying customer context from data lakes.
AI & Machine LearningData & InfrastructureEnterprise Software
Reveal Technology develops defense software solutions for warfighters, first responders, and military personnel.
AI & Machine LearningDeep TechDefense TechEnterprise SoftwareBozeman, US
Peter Pace(Director)Kevin Mandia(Director)William Garrett Smith(Executive Officer, Director)Les Craig(Director)Robert Parker Clark(Executive Officer)Andrew Dixon(Executive Officer, Director)in
S2 Corporation provides research and development services and has secured over $25 million in Small Business Innovation Research (SBIR) funding from the U.S.
Deep TechDefense Tech
ShopDot is a B2B, multi-vendor commerce platform that enables network operators (associations, franchises, cooperatives, distributors) to run online commerce across their members' businesses.
B2B MarketplacesE-commerceSaaSMissoula, US
MICHELLE HUIE(Executive Officer, Director, Promoter)
Deep tech company; invested from Fund I in 2015
BiotechBozeman, US
Joseph Zakrzewski(Director)Justin DuBois(Director)Rick Orr(Director)George Miljanich(Executive Officer)Lowell Sears(Director)Stan Abel(Executive Officer, Director)
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Frequently asked questions
- What stage does Next Frontier Capital invest at?
- Next Frontier Capital invests at the Seed, Series A stages.
- What is Next Frontier Capital's typical check size?
- Next Frontier Capital typically writes checks of $2M – $5M.
- What sectors does Next Frontier Capital focus on?
- Next Frontier Capital focuses on AI & Machine Learning, Climate Tech, Cybersecurity, Data & Infrastructure, Deep Tech, Defense Tech, Fintech, SaaS.
- Where is Next Frontier Capital located?
- Next Frontier Capital is headquartered in Bozeman, US.
- Does Next Frontier Capital lead rounds?
- Yes, Next Frontier Capital leads investment rounds.
Media · Podcasts & interviews
featuring the teamInnovators & Investors Podcast | Les Craig, General Partner at Next Frontier Capital - YouTube
FinStrat Management, Inc. · Les Craig
Images
Co-investors · 20
Andreessen Horowitz's Strategic Partnerships page describes collaborations that connect its portfolio companies with established institutions to help scale and deploy their technology.
General Catalyst is a venture capital and investment firm that backs founders across industries, with a strong focus on AI-driven transformation, fintech, healthcare, and other sectors.
Techstars is a startup accelerator and early-stage investor that funds ambitious founders and provides capital, mentorship, and access to a global network of investors, operators, and corporate partners.
FirstMark is a venture capital firm that backs founders and supports them through a platform providing access to networks, customers, and talent.
Hack VC is a thesis-driven venture capital firm that partners with founders at the earliest stages building next-generation Internet technologies across crypto, AI, and other frontier areas.
Dragonfly is a crypto-focused investment fund that backs researchers and builders working to advance the crypto ecosystem.
Storm Ventures is an early-stage, B2B-focused venture capital firm that specializes in helping enterprise software startups scale into market leaders.
Dig Ventures is a European venture capital firm that invests in early-stage B2B software founders, focusing on pre-seed and seed stage companies.
Seed Club Ventures is a venture DAO that backs early-stage founders building at the intersection of web3 and community, launched in partnership with Seed Club.
Rally Ventures is an early-stage venture capital firm focused exclusively on B2B/business technology companies, backing high-potential startups across sectors such as AI/ML, cybersecurity, fintech and SaaS.
ParaFi Capital is a multi-strategy investment firm operating across public and private markets, focused on financial technology and capital markets innovation, including digital assets.
▶8 more co-investors
Matchstick VenturesMechanism CapitalBlockchange VenturesAccess Venture PartnersConsensys VenturesWestRiver GroupAcadian Ventures Management, LlcImpression Ventures
Firms observed investing alongside Next Frontier Capital, from public investor directories.
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