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Here are some Montana-based startups and related entities that have recently raised capital or are significant players in the venture capital landscape within the state:
Venture Capital Firms Based in Montana that Invest in Startups:
* Next Frontier Capital: Based in Bozeman, they invest in software, healthcare, and tech-enabled services, with a focus on high-growth potential companies in Montana and the Mountain West. They recently announced the successful closing of their NFC Fund IV with $102 million in commitments. They have invested in companies like Submittable, Bridger Photonics, and Quiq.
* Two Bear Capital: Located in Whitefish, this firm invests in early-stage companies with exceptional ideas in life sciences and technology. They have a significant presence and have led large investment rounds in Montana, including a $22 million Series A funding for Inimmune, a Missoula-based biotech company.
* Frontier Angels: An angel investor network with around 100 members across Montana, including Billings, Bozeman, Missoula, and Kalispell. They pool capital to invest in early-stage, tech-related startups in the state.
* Goodworks Ventures: Based in Montana, they focus on impact investing in technology and community-driven businesses, from early to growth stages. While they are not actively making new investments at this time, they have supported various local startups in the past.
* Yellowstone Growth Partners: This firm focuses on growth acceleration and works with established businesses ready to scale, particularly in cloud computing, technology, and customer experience.
Montana Startups that Have Raised Capital (Examples from recent news and reports):
* Inimmune (Missoula): A biotech company that raised $22 million in a Series A funding round led by Two Bear Capital.
* Submittable (Missoula): A software company that has received investment from Next Frontier Capital.
* Bridger Photonics (Bozeman): A company in the photonics and laser technology sector that has been backed by Next Frontier Capital.
* Quiq (Bozeman): A customer engagement platform that has received investment from Next Frontier Capital.
* onXmaps (Missoula): A mapping and GPS technology company for outdoor enthusiasts that received a $20.3 million funding round led by Summit Partners (a global growth equity investor).
* Printing for Less (Livingston): Received a $25 million investment from Goldman Sachs Growth Equity.
* FYR Diagnostics (Missoula): A biotech company developing diagnostic solutions, venture capital-backed with connections in the VC community.
* CurvaFix (Bozeman): A medical device company focused on orthopedic trauma solutions, part of the portfolio of angel investors in Montana.
* PowerGrow: A greenhouse-as-a-service company that has received investment.
Other Relevant Points:
* The Montana Department of Commerce offers programs like the State Small Business Credit Initiative (SSBCI) to help entrepreneurs and small businesses access capital. New application rounds for these funds are opening in May and June 2025.
* Organizations like Early Stage Montana run programs like the HyperAccelerator to support high-potential startups, sometimes with opportunities to compete for funding.
* The Montana High Tech Business Alliance highlights “Startups to Watch,” many of which have received angel or venture capital investment.
It’s important to note that funding rounds are often private, and the details may not always be publicly disclosed. The information above provides a snapshot of some of the startups in Montana that have successfully raised capital in recent years, along with the key venture capital players in the state. For the most up-to-date information, you would typically need to follow local Montana business news and announcements from the venture capital firms themselves.

Video courtesy of Interactive Brokers

Video courtesy of Interactive Brokers..