Next Frontier Capital

ActiveVenture Capital

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Updated: Jan 22, 2026 ·

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Jul 1, 2025	Kuru	$12.0M Series A	—	Dig Ventures
Dec 1, 2024	Databricks	$10.0B Series J	—	8VC, Adjacent, AirAngels, Andreessen Horowitz, Ballistic Ventures, BoxGroup, Contrary Capital, Jenny Fielding, Scott Hartley, Founders Fund, General Catalyst, Giant Ventures, Greylock, Khosla Ventures, Kleiner Perkins, Lux Capital, NewView Capital, NFX, Pareto Holdings, Sequoia Capital, Snowflake Ventures, Spark Capital, Susquehanna Capital, Thrive Capital, Andy Bechtolsheim, Antoine Martin, Bradley Horowitz, Chafic Kazoun, Jared Leto, Julie Zhuo, Mike Krieger, Mike Vernal, Rahilla Zafar, Rob Theis, Scott Belsky, Shane Curran, Teddy Citrin, Tom Blomfield
Sep 1, 2024	Harmonic	$75.0M Series A	—	Adjacent, AirAngels, Andreessen Horowitz, CapitalG, Index Ventures, Jackson Square Ventures, Kleiner Perkins, Pareto Holdings, Sequoia Capital, TCV, Antoine Martin, Julie Zhuo, Michael Moritz, Mike Krieger, Mike Vernal, Rahilla Zafar
Sep 1, 2024	Desia	$3.0M Seed	—	Antler, Dig Ventures, Double Prime LLP
Jun 1, 2024	PolyAPI	$4.0M Seed	—	Atomico, Dig Ventures, foobar.vc, WestRiver Group, Khaled Helioui
Apr 1, 2024	401GO	$12.0M Series A	—	Impression Ventures, Rally Ventures
Apr 1, 2024	Monad	$230.0M Series A	—	Dragonfly Capital Partners, Electric Capital, Ethereal Ventures, General Catalyst, Paradigm, ParaFi Capital, Polychain Capital, Robot Ventures, WovenEarth Ventures, David Hoffman, Do Kwon, Fernando Martinelli, Julian Koh, Mariano Conti, Peter Reinhardt, Sam Altman, Stani Kulechov, Zak Cole
Apr 1, 2024	Alaffia Health	$10.0M Seed	—	Access Venture Partners, Ankona Capital, Blackbird Ventures Australia, Bloomberg Beta, FirstMark Capital
Feb 1, 2024	Inco	$5.0M Seed	—	A Capital, Accel, Andreessen Horowitz, Angel investor, Artichoke Capital, Borderless Capital, Divergence Ventures, Dragonfly Capital Partners, Grasshopper Capital, Pioneer Fund, Polygon, Primitive Ventures, Robot Ventures, Symbolic Capital, Spencer Noon, Aleksander Leonard Larsen, Ameet Patel, Anastasia Andrianova, David Hoffman, George Burke, Mariano Conti, Zak Cole
Feb 1, 2024	INIT Capital	$3.0M Seed	—	B Capital Group, Blockchain Capital, Blockchain.com Ventures, Castle Island Ventures, Dragonfly Capital Partners, Electric Capital, Ethereal Ventures, Foundry Group, General Catalyst, Haun Ventures, Overtly Covert, Pantera Capital, ParaFi Capital, Polychain Capital, Robot Ventures, David Hoffman, Fernando Martinelli, Mariano Conti, Stani Kulechov, Zak Cole
Dec 1, 2023	VirtualZ Computing	$2.0M Seed	—	Dragonfly Capital Partners, Ethereal Ventures, General Catalyst, ParaFi Capital, Polychain Capital, Robot Ventures, David Hoffman, Fernando Martinelli, Julian Koh, Mariano Conti, Stani Kulechov, Zak Cole
Dec 1, 2023	Candlestick.io	$1.0M Seed	—	Accel, AirAngels, Andreessen Horowitz, Boost VC, DCM, Dragonfly Capital Partners, General Catalyst, Golden Ventures, Grasshopper Capital, Hambro Perks, Norwest Venture Partners, Primitive Ventures, Robot Ventures, SignalFire, Variant, Y Combinator, Aleksander Leonard Larsen, Ameet Patel, Anastasia Andrianova, Bradley Horowitz, Michael Whitfield
Sep 1, 2023	Optera	$12.0M Series A	—	Matchstick Ventures
Aug 1, 2023	Rockset	$44.0M Series B	—	Addition, Adjacent, AirAngels, Andreessen Horowitz, Founders Fund, General Atlantic, Geodesic Capital, Greylock, Sangeen Zeb, Kleiner Perkins, Lux Capital, Pareto Holdings, Sequoia Capital, Spark Capital, U&I Ventures, Antoine Martin, Jared Leto, Julie Zhuo, Mike Krieger, Rahilla Zafar
Apr 1, 2023	Qoohoo	$500K Seed	—	Adjacent, AirAngels, Andreessen Horowitz, Kleiner Perkins, Pareto Holdings, Sequoia Capital, Antoine Martin, Jared Leto, Julie Zhuo, Mike Krieger, Mike Vernal, Rahilla Zafar, Saturnin Pugnet
Apr 1, 2023	TRIVER	$9.0M Seed	—	Adjacent, AirAngels, Andreessen Horowitz, Axeleo Capital, Firstminute Capital, Founders Future, Kleiner Perkins, Motier Ventures, Pareto Holdings, Pioneer Fund, Playfair Capital, Seaya Ventures, Sequoia Capital, Stride VC, Antoine Martin, Frederic Montagnon, Guillaume Princen, Jared Leto, Jonathan Lenson, Julie Zhuo, Mandeep Singh, Mike Krieger, Mike Vernal, Pascal Gauthier, Rahilla Zafar, Tegan Kline, Thibaud Elziere, Will Martin
Nov 1, 2022	Mirage	$1.0M Seed	—	Accel, Adjacent, AirAngels, Andreessen Horowitz, Dragonfly Capital Partners, Grasshopper Capital, Kleiner Perkins, Pareto Holdings, Primitive Ventures, Robot Ventures, Sequoia Capital, Spencer Noon, Aleksander Leonard Larsen, Ameet Patel, Anastasia Andrianova, Antoine Martin, Jared Leto, Julie Zhuo, Mike Krieger, Mike Vernal, Broadway Angels
Nov 1, 2022	webAI	$17.0M Seed	—	Audrey Capital, Blockchange Ventures, G2VP, Galvanize Climate Solutions, Notion Capital, ParaFi Capital, Andrew Keys, Ann Berry, Anthony Pompliano, David Nage, Mariano Conti, Scott Belsky
Oct 1, 2022	QorusDocs	$10.0M Venture Round	—	WestRiver Group
Aug 1, 2022	RISC Zero.	$12.0M Seed	—	Accel, AirAngels, Andreessen Horowitz, Archetype, Audacity, Awesome People Ventures, Bain Capital Crypto, Battery Ventures, Chapter One Ventures, CoinFund, Divergence Ventures, Dragonfly Capital Partners, East West Ventures EWV, Electric Ant, Electric Capital, Ethereal Ventures, Future Perfect Ventures, Grasshopper Capital, Hack VC, Hashed, Infinity Ventures Crypto, Kearny Jackson, Kleiner Perkins, M34 Capital, Makers Fund, Nascent, Not Boring Capital, Polygon, Primitive Ventures, Robot Ventures, Seed Club Ventures, Sequoia Capital, Seven Seven Six, SID Venture Partners, Solana Ventures, Sound Ventures, Todd and Rahul's Angel Fund, Spencer Noon, Version One Ventures, Weekend Fund, WPP Ventures, Adam Jackson, Aleksander Leonard Larsen, Alex Pack, Aliaksandr Hudzilin, Alice Lloyd George, Anastasia Andrianova, Andrew Steinwold, Balaji Srinivasan, Biz Stone, Bo Shao, Brad Holden, David Nage, Do Kwon, Eric Wu, Imran Khan, Jeff Morris, Jess Sloss, Luis Cuende, Nathaniel Whittemore, Regan Bozman, Rene Reinsberg, Scott Belsky, Sina Habibi, Stani Kulechov, Steve Weinstein, Tegan Kline, Tekin Salimi, Thomas Vu, Trevor McFedries, Tyler Scott Ward
Jul 1, 2022	Morpho Labs	$18.0M Seed	—	360 Capital Partners, 50 Partners Impact, 7percent Ventures, Acton Capital Partners, AngelList Syndicator, Ankaa Ventures, Atomico, Bonfire Ventures, Cherry Ventures, CrunchFund, Cultivation Capital, Dragonfly Capital Partners, ENIAC Ventures, Far Out Ventures, Framework Ventures, General Catalyst, Hack VC, Christian Miele, ISAI, Kima Ventures, Meta Change Capital, Passion Capital, Prototype Capital, Rarestone Capital, Redpoint Ventures, Robot Ventures, #SecretFund, Seedcamp, Singular, Speedinvest, Unruly Capital, Spencer Noon, Variant, VMG Partners, White Loop Capital, White Star Capital, XAnge, Akhil Paul, Andy Chung, Charlie Songhurst, Chris Murphy, David Hoffman, Didier Valet, Do Kwon, Ernest Oppetit, Fernando Martinelli, Frederic Montagnon, Itamar Lesuisse, John Lilic, Julien Romanetto, Julius Göllner, Mark Cuban, Matthias Hilpert, Nicolas Debock, Nicolas Steegmann, Rand Hindi, Richard Fearn, Romain Lapeyre, Thibaud Elziere, Thibault Poutrel
May 1, 2022	Bleen	$2.0M Seed	—	Adjacent, AirAngels, Andreessen Horowitz, Kleiner Perkins, Pareto Holdings, Sequoia Capital, Jared Leto, Julie Zhuo, Mike Krieger, Mike Vernal, Rahilla Zafar, Thibaud Elziere
May 1, 2022	Tokensoft	$4.0M Seed	—	Dragonfly Capital Partners, Ethereal Ventures, General Catalyst, ParaFi Capital, Polychain Capital, Robot Ventures, David Hoffman, Fernando Martinelli, Julian Koh, Mariano Conti, Stani Kulechov
Apr 1, 2022	CoinDCX	$140.0M Series D	—	Arrive, B Capital Group, Dragonfly Capital Partners, Ethereal Ventures, General Catalyst, Koch Fund, ParaFi Capital, Polychain Capital, Robot Ventures, David Hoffman, Fernando Martinelli, Jonathan Neman, Julian Koh, Mariano Conti, Stani Kulechov, Zak Cole
Apr 1, 2022	SX Network	$10.0M Seed	—	Formless Capital, Hack VC, Polygon, Robot Ventures, Alex Pack, Itamar Lesuisse

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at Next Frontier Capital.

Leadership Team

Key people at Next Frontier Capital.

Deep Dive

Next Frontier Capital is a venture capital firm focused on investing in mission-driven founders and companies primarily across the Mountain West region of the United States. Their investment philosophy centers on backing startups in sectors where they have deep expertise, including AI/Data, Climate, Deep Tech, B2B Software, FinTech, Defense Tech, and Cybersecurity. The firm supports entrepreneurs not only with capital but also through strategic guidance, mentorship, operational support, recruitment assistance, and extensive networking opportunities, aiming to foster innovation and growth in a region often overlooked by traditional venture capital. This regional focus helps transform the Mountain West into a vibrant tech ecosystem by nurturing local startups and connecting them to broader markets[1][2][4].

Founded in 2015 in Bozeman, Montana, Next Frontier Capital was established with the mission to "bring venture capital to the frontier," relocating from the Bay Area to invest in the Rocky Mountain region. The founding team includes key partners such as Will Price (Founder), Richard Harjes (General Partner), Franz Kofler (Partner), Kirsten Suddath (Partner), and Les Craig (General Partner), who joined in 2017 bringing expertise in cybersecurity and defense tech. Over time, the firm has expanded its geographic footprint from Montana to cover the entire Rocky Mountain region, managing approximately $250 million across four funds. Their evolution reflects a sharpened focus on sectors aligned with their partners’ backgrounds and the unique opportunities in their regional ecosystem[2][3][6].

Core Differentiators

Unique Investment Model: Focus on mission-driven founders in the Mountain West, emphasizing regional startups that deliberately choose to build in this area, leveraging local knowledge and relationships[2].
Network Strength: Deep connections with industry leaders, military and intelligence communities (especially in defense and cybersecurity), and a strong local ecosystem that supports founders beyond capital[1][2].
Track Record: Managing four funds with a growing portfolio that includes companies like SquarePeg (AI-driven HR tech) and Reveal Technology (AI-powered defense software), demonstrating success in both commercial and defense sectors[1][3].
Operating Support: Provides hands-on strategic guidance, mentorship, operational assistance, recruitment help, and access to resources, reflecting the partners’ prior operator experience and commitment to founder support[1][4].

Role in the Broader Tech Landscape

Next Frontier Capital rides the trend of decentralizing venture capital away from traditional hubs like Silicon Valley, capitalizing on the growing startup activity in the Mountain West. The timing is favorable due to increasing regional talent, lower costs, and a desire among founders to build companies outside major metro areas. Market forces such as advances in AI, cybersecurity threats, climate tech innovation, and defense technology needs align well with their sector focus. By investing regionally and supporting startups with operational expertise, NFC influences the broader ecosystem by validating the Mountain West as a viable tech hub and helping scale companies that might otherwise be overlooked[2][4].

Quick Take & Future Outlook

Next Frontier Capital is poised to continue expanding its influence as the Mountain West region grows as a technology hub. Trends in AI, cybersecurity, climate tech, and defense innovation will shape their investment focus, with increasing opportunities for startups to scale nationally and globally from this region. Their deep local knowledge combined with sector expertise positions them to remain a key player in regional venture capital, potentially inspiring similar models in other emerging tech regions. As they deploy capital from their fourth fund, NFC’s influence on the startup ecosystem will likely deepen, fostering more mission-driven innovation beyond traditional coastal centers[1][2][3].

Sources

Core Differentiators

Unique Investment Model: Focus on mission-driven founders in the Mountain West, emphasizing regional startups that deliberately choose to build in this area, leveraging local knowledge and relationships[2].
Network Strength: Deep connections with industry leaders, military and intelligence communities (especially in defense and cybersecurity), and a strong local ecosystem that supports founders beyond capital[1][2].
Track Record: Managing four funds with a growing portfolio that includes companies like SquarePeg (AI-driven HR tech) and Reveal Technology (AI-powered defense software), demonstrating success in both commercial and defense sectors[1][3].
Operating Support: Provides hands-on strategic guidance, mentorship, operational assistance, recruitment help, and access to resources, reflecting the partners’ prior operator experience and commitment to founder support[1][4].