DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
The names on this page are hidden. Create a free account and they fill in. No card, and every figure, date and source on this page is public either way.
Firms / N••• F••••••• C•••••• M•• L••
N••• F••••••• C•••••• M•• L••
Transforming the frontier. Founding the future.
venture manager, reported GAV $239M across 9 vehicles
Importance
40
elevated
Active deployment
55
elevated
Emerging
0
low
Completeness
75
high
Freshness
98
high
Research priority
19
moderate
Identity and regulatory footprint
- Headquarters
- Bozeman, MTadviserinfo.sec.gov
- Office address
- 544 E. MAIN STREET, SUITE A, Bozeman, MT, 59715adviserinfo.sec.gov
- Business phone
- 406-209-9743adviserinfo.sec.gov
- Website
- n•••••••••.com
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 26, 2026
- Private funds reported
- 11 (11 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $290Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- info@nextfrontiercapital.comnextfrontiercapital.compublished by the subject
- business phone
- 406-209-9743adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
58 observed deals
Stated (the firm’s website)
- Sectors
- ai, enterprise software, climate, energy, space, defense, b2b, hrtech
- Stages
- seed
- Geography
- colorado, utah
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 90%Other Technology 10%
lead rate n/afollow-on rate n/anew logos, 12 months 58
Funds and vehicles
9 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| N•• F••• I•• U••••••••• S••••• A•• S••• L•• | SPV or co-invest vehicle | 2025 form d first sale | Newly closed | unknown | unknown | $2.6M of $2.6M | Aug 7, 2025 |
| N•• F••• I• S•••••• S••••• C• S••• L•• | SPV or co-invest vehicle | 2024 form d first sale | Early deployment | unknown | unknown | $3.6M of $3.6M | Jan 24, 2024 |
| N••• F••••••• V•••••• F••• I•• L••• | Fund | 2023 adv first reported | Active deployment | $82.7M Mar 26, 2024 | 141 | unknown | unknown |
| N••• F••••••• V•••••• F••• I• E• L••• | Fund | 2022 form d first sale | Active deployment | $1.3M Mar 26, 2024 | 6 | $97.1M of $125M | Aug 20, 2024 |
| N••• F••••••• V•••••• F••• I• E• L••• | Fund | 2022 form d first sale | Active deployment | unknown | unknown | $1.6M of $125M | Aug 20, 2024 |
| N••• F••••••• V•••••• F••• I••• L••• | Fund | 2020 form d first sale | Mature | $76.6M Mar 26, 2024 | 108 | $55.7M of $100M | Oct 16, 2020 |
| N••• F••••••• C•••••• F•••• L••• | Fund | 2015 form d first sale | Harvest | $36.4M Mar 26, 2024 | 78 | $19.8M of $20.0M | Jun 29, 2021 |
| N••• F••••••• C•••••• V•••••• F••• I•• L• | Fund | unknown | Unknown | $40.5M Mar 26, 2024 | 86 | $0 of $40.0M | Oct 4, 2017 |
| N••• F••••••• V•••••• F••• I•• E• L••• | Fund | unknown | Unknown | $1.7M Mar 26, 2024 | 8 | $0 of $100M | Oct 14, 2020 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
2 current, 0 departed
R•••••• H•••• H•••••
PartnerMember And Manager · since May 1, 2016
W•••••• D•••••• P••••
PartnerMember And Manager · since Feb 1, 2015
Investments on record
58 edges, 58 companies, 0 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
34 relationships from shared deals, counted for the whole firm
Kickstart Capital, LLC 4 shared · strongSignal Peak Ventures, LLC 3 shared · recurringMatchstick Ventures, LLC 3 shared · recurringTeamworthy Group LLC 2 shared · recurringFirstmark Capital, LLC 2 shared · recurringFirstmile Ventures, LLC 2 shared · recurringMillennium Technology Value Partners 1 shared · one timeDbafc, L.L.C. 1 shared · one timeAccel 1 shared · one timeCIV Investment Management, LLC 1 shared · one timeAfore Capital Management, LLC 1 shared · one timeDawn Capital LLP 1 shared · one timePWV Capital Management LLC 1 shared · one time6th Man Ventures, LLC 1 shared · one timeMK Capital Company 1 shared · one timeRally Ventures Management, LLC 1 shared · one timeTA Associates 1 shared · one timeGrotech Management Company 1 shared · one timeDenver Angels 1 shared · one timeSapphire Ventures, LLC 1 shared · one timeSilverton Management, L.L.C. 1 shared · one timeWestriver Management, LLC 1 shared · one timeDecibel Partners, LLC 1 shared · one timeMoneta Ventures, LLC 1 shared · one timeIndex Ventures Sa 1 shared · one timeAnkona Management, LLC 1 shared · one time25madison Ventures Management Company, LLC 1 shared · one timeFika Ventures 1 shared · one timeMission Biocapital 1 shared · one timeVitalizevc Management, LLC 1 shared · one timeCausation Ventures, L.L.C. 1 shared · one timeMerida Capital Holdings LLC 1 shared · one timeJk&b Management V, L.P. 1 shared · one timeSC Management LLC 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
11 dated events
- Sep 16, 2026A•••••••• no longer listed on N••• F••••••• C•••••• M•• L••'s portfolio pageRemoved from portfolio pagePortfolioInferenceA••••••••Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026M••••••• no longer listed on N••• F••••••• C•••••• M•• L••'s portfolio pageRemoved from portfolio pagePortfolioInferenceM•••••••Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026M•••••••• no longer listed on N••• F••••••• C•••••• M•• L••'s portfolio pageRemoved from portfolio pagePortfolioInferenceM••••••••Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 13, 2026N••• F••••••• C•••••• M•• L•• lists L•••••• as exited (mechanism not stated) on or before 2026-09-13 (no date published), on the portfolio pagePortfolio exitedExitsFactL••••••Venture organization websites (about, team, portfolio, thesis, news pages)
- Mar 30, 2023N••• F••••••• V•••••• F••• I• E• L••• first reported on Form ADV by N••• F••••••• C•••••• M•• L•• (Venture Capital Fund), GAV $1,051,282Fund first reported on Form ADVFundsFactN••• F••••••• V•••••• F••• I• E• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2023N••• F••••••• V•••••• F••• I•• L••• first reported on Form ADV by N••• F••••••• C•••••• M•• L•• (Venture Capital Fund), GAV $54,641,026Fund first reported on Form ADVFundsFactN••• F••••••• V•••••• F••• I•• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2021N••• F••••••• C•••••• V•••••• F••• I•• L• first reported on Form ADV by N••• F••••••• C•••••• M•• L•• (Venture Capital Fund), GAV $42,589,939Fund first reported on Form ADVFundsFactN••• F••••••• C•••••• V•••••• F••• I•• L•SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2021N••• F••••••• V•••••• F••• I••• L••• first reported on Form ADV by N••• F••••••• C•••••• M•• L•• (Venture Capital Fund), GAV $61,644,859Fund first reported on Form ADVFundsFactN••• F••••••• V•••••• F••• I••• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2021N••• F••••••• C•••••• F•••• L••• first reported on Form ADV by N••• F••••••• C•••••• M•• L•• (Venture Capital Fund), GAV $41,827,158Fund first reported on Form ADVFundsFactN••• F••••••• C•••••• F•••• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2021N••• F••••••• V•••••• F••• I•• E• L••• first reported on Form ADV by N••• F••••••• C•••••• M•• L•• (Venture Capital Fund), GAV $1,196,988Fund first reported on Form ADVFundsFactN••• F••••••• V•••••• F••• I•• E• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2021N••• F••••••• C•••••• M•• L•• first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 15, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $239M across 9 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $238M across 8 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $238M across 5 vehicles
Evidence
50 observations from 3 sources